Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle futures trade volume was light Monday as they tried to rally. Expect light trading the remainder of the week before the Cattle on Feed Report on December 22nd and then light again the following week before the New Year break.
LEAN HOGS
Pork prices continue to slip lower. On Monday, the CME Pork Index gained on the CME Lean Hogs and was plus $17.33. It is good for packers and with the CME Lean Hog Index down, it is bad for producers. Producers cash prices are falling and with the high base prices on carcass and formula hogs based on previous contract prices and various ways of calculating prices such as grids, formulas and carcass pricing, the high base prices will be coming down. Futures are bear spread indicating traders outlook into 2024 and 2025.
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