Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Was Tuesday end of the month profit taking or possibly for some funds end of the year, was it Tuesday turn around or was it the start of a move up after the steep decline over the past 2 months? Volume was moderately active but far from heavy indicating it was possibly profit taking. But as December nears first notice day in a few days and the reality of trading in a spot month and currently below the cash price, it also could indicate cattle could turn higher.
LEAN HOGS
December 2023 Lean Hogs settled at $68.92 on December 28th. The CME Lean Hog Index is at $72.33. Tuesday was another good example if traders watch daily prices as an indicator for cash or for Lean Hogs movement, it is not the best idea. Movement is too light compared to the total loads of pork moved to the number of hogs slaughtered.
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