Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live cattle trade volume was active and volume was close to the same for december, february and april. With the drop in open interest, longs continue to liquidate. They aren’t risky the profits.
Large packers are heavily investing in automation which will help to eliminate the smaller packers that can’t afford the costs of automation.
LEAN HOG COMPLEX
Lean hog open interest has been dropping on long liquidation. Open interest on lean hogs is a light trading commodity. Longs could blow into the market and change direction in a snap. Pork is cheap.
When export reports start up again, exports could be stronger. Mexico should have been buying for the holidays along with other Central and South American countries.
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