Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
New contract high closes made Monday on moderate volume. Specs actively rolling out of October. Bear spreads are widening. Remember September is a non-spot month and speculators dominate the trading.
LEAN HOGS
The spread difference between the CME Lean Hog Index and the CME Pork Index is widening favoring pork. This is positive for packers.
Exports are the biggest plus for pork, but exports are dependent on Mexico. With the US Dollar strengthening exports to Japan, South Korea and Canada likely will lag into the end of the year.
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