Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
For a day after a Cattle on Feed report live cattle futures volume was very light. A major part of the trading was bear spreading from April 2026 on out.
Choice rib primals have been a big reason the beef cutout has been higher but like cattle slaughter, sales have been light.
LEAN HOG COMPLEX
Lean hog volume was moderate Monday. Traders are bear spreading and dominating the lean hog futures. The February/April spread closed on Monday -$8.32. There was nothing in the December Hogs and Pigs report that indicated April should be that far over February.
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