Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Futures had some activity but to no surprise it was a low volume trade for the last trading day of 2023. Live Cattle futures settled Friday with little change except for December 2023 Live Cattle that went off the board at $173.67 going along with the stronger cash cattle market this week .
LEAN HOGS
Very quiet trade day for Lean Hogs last week. Most of the trade over the past week was spreading with lean hogs bear spread. Cash hogs were lower and pork was slightly lower but the hog/pork price spread is packer positive. Packers are going to work hard to keep it positive. They will count each hog slaughtered to make sure it has corresponding positive pork price. With it being positive as it is now, they will keep hogs current but if it backs down to where they see losses, they won’t hesitate to slow kill in 2024.
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