Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live cattle futures opened higher Wednesday on short covering and margin call liquidation. Prices, especially in the Midwest are higher than futures. Traders short futures are pushing the futures higher on short covering. Open interest is going down. Boxed beef prices calmed down Wednesday after Tuesday’s surge higher.
PORK COMPLEX
Lean hogs were lower Wednesday as slaughter increases and pork prices are going down faster than hog prices. The current difference between the CME Lean Hog Index and the CME Pork Cutout Index is $6.59 which is packer negative. Last week slaughter increased over the previous week by 14,000 head and so far for 3 days of the week slaughter is 68,000 head higher.
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