Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Bear spreading is showing market direction. Trade volume was active Tuesday as futures dropped. There are small traders feeding cattle that have been Texas hedged and yesterday after 2 days of a dropping futures market, they were liquidating as larger spec traders were selling and bear spreading.
LEAN HOGS
Lean hogs were lower Tuesday. At this time hedge sellers and contract hogs are positioned and will remain short. Beef prices dropped hard Tuesday. If beef prices continue to fall, it is likely going to pressure pork prices.
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