Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Open interest for August LC dropped 8,493 contracts indicating the move up was short covering.
Were live cattle futures higher Tuesday because of “Tuesday turn around” or were prices higher following the jump higher in boxed beef prices? Volume was moderate. A majority of the trading was buying live cattle and selling lean hogs. Technically, the spread moved to the 5 day moving average and stopped indicating a Tuesday turn around.
PORK COMPLEX
The volume in hogs Tuesday was a close match to the volume in live cattle. The spread of long lean hogs and short lean cattle moved back to the 5 day moving average. The spread was a large part of the trade volume but overall volume was moderate.
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