Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
After Thursday’s buy stops and blow off top, Friday followed with long liquidation. Since last months COF report the trade was indicating there was a change taking place as bull spreads began narrowing and moving to bear spreads. Cash cattle price last week were steady.
Friday as cash feeders are moving longs are taking their money off the board and speculators are going with them, selling futures and reversing options.
PORK COMPLEX
There was a small gain on August futures over the last week of $1.55 and the CME Lean Hog Index was off 27 cents from a week ago. The CME Pork Cutout Index barely changed up 5 cents. Packers added on 14,000 head. The biggest change for the week is how bull spreads are narrowing and spreads neutral to slightly bearish last week have gone to full bear spreads.
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