Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Cattle are bull spread. Bull spreading is a good indicator for direction and spreading is making up the majority of trading.
Rising gas prices are taking away what the consumer can spend for beef. The choice/select spread shows consumers want the cheapest beef.
LEAN HOG COMPLEX
Pork prices have been slowly losing. Hams down to $78.67 are cheap and likely down because exports have been slowing. Slaughter and weekly production have been up and the market is having a problem absorbing more pork.
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