Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
The open interest on Live Cattle continues to increase on low to moderate trade volume. Low volume on increasing open interest is a sign of caution. Boxed beef prices were higher last week but it is due to choice rib primals and the demand for rib primals for the upcoming holidays.
PORK COMPLEX
Volume has been light to moderate but Tuesday volume increased as lean hogs gapped higher on the open. The pork market and the cash hog market have been steadily moving higher while slaughter has been slipping. Movement on daily pork is down as packers need to fill previously contracted pork orders and they have less pork to sell on the daily market.
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