Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live cattle and feeder cattle open interest has been surging. By December 2024 it was high and when funds allocated 2025 positions, they added new longs adding mostly to April. Now they are rolling to summer months.
Beef prices are breaking and packers are backing down slaughter. Packers can’t afford to sustain increasing losses.
PORK COMPLEX
Lean hog trade volume was light Thursday with futures pushing steadily and consistently higher. From June on out lean hog futures moved near or slightly over contract highs. Weights showing packers are keeping hogs current. Exports were big. The question has to be were exporters taking pork ahead of possible tariffs that they expected to start the first week of February.
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