Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live Cattle futures broke into highs after the lower opening but couldn’t hold the highs. It is likely the downward move were also traders liquidating ahead of Friday’s Cattle On Feed report and that beef prices might break with McDonald’s taking quarter pounders off the menu. Live Cattle futures are heavy with open interest and longs liquidating is normal activity especially before COF reports.
PORK COMPLEX
Lean Hogs closed mixed Wednesday. December through April slightly higher while summer hogs were unchanged to a couple cents lower. October hogs were higher with the gain on the 5 day pork carcass as well as the CME Pork Cutout and with the discount it had to October when it went off the board at $84.10.
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