Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Wednesday was a light volume trade and so was Thursday. The difference, Thursday followed the trend of Live Cattle futures down. Fundamental traders are watching the boxed beef market move lower and waiting for the Cattle on Feed Report. The CME Boxed Beef Index is down and has been consistently moving lower. There has been demand for beef for the holidays, but there is also strong demand for lower priced beef and ground beef.
LEAN HOGS
December 2023 Lean Hogs settled at $71.47 on December 16th. The CME Lean Hog Index is at $76.07 and $4.60 over December 2023 futures. There is almost a month before convergence has to take place. Similar to the past week the trading is primarily fund rolling. December GLOBEX volume on Thursday was 19,847 contracts and February was 18,865 contracts with April at 6,074 contracts.
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