Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle futures volume slowed down Wednesday. Movement was mostly technical trading. For instance, October Live Cattle tried to move up but found resistance at the 5 day moving average. When Live Cattle settled on Wednesday the Dow Jones was about 90 points lower. So far, the beef market doesn’t appear to be building up for Labor Day.
LEAN HOGS
Hog volume has been light to moderate since July 22nd. October the most actively traded contract has been trading up about $1.50 to down about $1.50 from where the 5,10, and 20 day moving averages have converged near $68.25.
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