Trade Volume Back Off Wednesday
MORNING LIVESTOCK OUTLOOK
Trade volume back off Wednesday. Live Cattle were down and mostly on profit taking and simply the lack of new buyers. There are few large spec traders rolling out of October cattle but the Goldman Sachs begins the 5th business day, Thursday.
CME Lean Hogs to the CME Pork Index continues to narrow but CME Lean Hogs still remain over pork. This is negative for packers but look for packers to keep breaking hog prices in September and try to keep pork prices at least steady or not falling as fast as hogs.
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