Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Wednesday, Live Cattle open steady, dropped into new lows for the recent move and then within a blink of an eye traders reversed running futures higher but then gave up most of the gains into the close. The highs of the day weren’t able to reach the 5 day moving average. With a light slaughter, beef prices dropping could be seen as negative.
LEAN HOGS
Lean Hog and pork prices were lower Wednesday. Cash hog prices have been falling. Traders continue to bear spread. Slaughter for the week is 20,000 head above a week ago. On the positive side, the CME Pork Index is widening out to the CME Lean Hog Index and gives packers an incentive to push chain speed. With packers making money and keeping slaughter up, weights shouldn’t become a problem.
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