Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Beef prices were lower Tuesday with chucks and loins lower. Load movement picked up which also pressured the market. Throughout Tuesday’s market spreaders were the majority of trading, buying cattle and selling hogs. December, February and April volumes were close to identical up to the post pricing then a few cattle were traded as traders liquidated ahead of next weeks first notice day. Hogs opened strong, gapping higher but gave up gains throughout the day. Cattle opened slightly higher and increased price throughout the day.
PORK COMPLEX
Packer pork profit margins are now negative. Packers are going to kill just what is needed to meet contract pork orders and orders to meet daily buyer’s needs. Look for hogs to get heavier. Traders will be closely watching pork exports. Exports have dropped over the past 4 weeks.
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