Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle trade volume was light Thursday on technical quick profit taking with highs moving up to the 5 day moving average. August live cattle go off the board a week from Friday and simply moved up closer to cash prices. Packers bought a very few cattle on Thursday, just enough to finish out next week’s kill.
LEAN HOGS
Lean Hog volume was moderately active Thursday, especially the October contract. October trade volume was 35,997. Spread traders were active buying October and selling December as well as buying October lean hogs and selling October live cattle. It is going to be hard to break October from current levels, but there are many days, about 2 months, until it expires.
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