Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Smithfield Foods ends contracts with 26 us pig farms, citing oversupply – Reuters news. Packer margins improve. Although the CME Pork Index has been slowing dropping, the CME Lean Hog Index is dropping at a faster rate. Hog prices are dropping as slaughter and weights increase. Pork has been on a steady decline.
LIVE CATTLE
Tuesday, trade volume was light to moderate. Wednesday volume increased and was active. February 2024 Live Cattle Globex volume was 40,077 compared to total volume Tuesday at 26,630 contracts with April Live Cattle volume was 20,005 contracts compared to Tuesday’s total at 11,379. Boxed beef is falling fairly fast.
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