Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Current estimates for Thursday’s Hogs and Pigs report show a very small increase. However, if there is a larger than expected increase with more hogs and more pork it likely would be good for cattle. A smaller number of hogs would do little for cattle with cattle and beef already at big premiums to hogs and pork.
Trade volume was light Wednesday. Traders taking off some of the big gains from Monday. All live cattle contracts remain above last Friday’s close.
PORK COMPLEX
Trade volume was light Wednesday ahead of Thursday’s hog and pig report mostly profit taking after Tuesday’s trade moved to contract highs. However, the low of Wednesday wasn’t able to fill the gap left from Tuesday and dropped to the 5 day average which has been strong support since August 22nd .
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