Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Trade volume was light Wednesday and unless there is a surprise on the cash cattle price, expect the same type of trading Thursday. However, Thursday could be similar to a month ago when Live Cattle prices moved down ahead of the COF report. Who knows, traders could do the same and sell or the opposite and buy. Placements are expected to be down.
LEAN HOGS
The CME Lean Hog Index to the CME Pork Index was $10.14. It is positive for packers but it did narrow by 50 cents with pork down and hogs up. It is positive for packers but if it continues to narrow, and packer margins turn down, packers will tighten slaughter and make sure no extra hogs are bought.
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