Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Tuesday, Live Cattle futures trading was light to moderate on technical quick profit taking moving up to the 5 day moving average on an inside day up. A handful of cattle sold Tuesday from $170.00 to $171.00 with dressed cattle at $271.00. Prices are $4.00 lower. Cattle in the Midwest wee light and the dressed cattle graded 56% to 80% so it prices this week so far are based not on the best cattle. Prices will be lower but not as low as they are starting out.
LEAN HOGS
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. Spec traders continue to bear spread.
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