Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was very light Wednesday. Open interest has been going down. There is too much uncertainty of outside markets from the war in Iran, higher energy prices, the strike at JBS and Friday’s Cattle on Feed report.
LEAN HOG COMPLEX
Packers are behind 89,000 hogs for the 3 days of kill this week compared to a week ago. The pork market is running into resistance at current levels. Packers may decide to kill fewer hogs. Packers do have an advantage know the amount of pork needed to fill contracts. Pork sales often slow into April and May, if pork contracts are fewer, they won’t push kill.
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