Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Friday futures trade volume was moderately active with most of the trading on February Live Cattle and Lean Hogs. Spread trading was active with traders buying Lean Hogs and selling Live Cattle. For formula trade systems, Friday was a normal day. Thursday was programmed as a non-trading day and on Friday system trades were up and running as normal. Boxed Beef was higher Friday on extremely light buying. Choice beef moved a total of 28.3 loads and Select moved 17 loads.
LEAN HOGS
December 2023 Lean Hogs settled at $67.57 on December 24th. The CME Lean Hog Index is at $73.90 and $6.33 over December 2023 futures. Cash negotiated hogs, carcass and formula priced hogs all have been trending lower. Packer margins are improving.
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