Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Trade volume was light Wed. December Live Cattle, the most actively traded contract, had just 20,688 contracts and moved back to within 30 cents of where it closed on Friday. Trading Thursday likely will be light as feedlots wait for confirmed cash and spec traders waiting for COF report. Cash trading will be slow this week as packers look at falling boxed beef prices
Lean Hogs shot up Wed. December Lean Hogs closed the highest since June 27th. August moved up to highs on Aug 1st. Volume was moderately active. Slaughter has been slipping. As of Wed it is down 6000 head compared to a year ago and weights that appeared to be moving up last week have also moved back down. Pork hasn’t done a lot this week but it hasn’t gone down. Also the CME Lean Hog Index is losing to the CME Pork Index and when this happens, packers want to kill more hogs.
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