Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Big exports are the plus side to the hog and pork markets. Tuesday Lean Hog trading was obviously speculative spread trading and Wednesday verified it. There was intra and inter market spreading. Volume was light. The pork carcass was down Wednesday with Hams and Loins dragging prices lower.
LIVE CATTLE
Live Cattle trading on Tuesday was speculative spreading as traders sold April Live Cattle and bought April Lean Hogs and Wednesday verified it. There are hedgers in February Live Cattle trading fundamentals in the reality of a delivery month with falling open interest and moving to April Live Cattle and beyond there are a lot more speculators mixed in with a few hedgers.
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