Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Wednesday’s trading was another day where trade volume was light. Packers have cut kill to keep from paying up for cattle and they will buy only enough cattle to fill beef orders. Both inter and intra market spreads have been moving sideways over the past week.
Fires burned across the panhandle of Texas. As of Wednesday afternoon there were over 650,000 acres burned with several towns where houses have been destroyed. So far there have been no reports of cattle death losses but likely there will be some that were not able to be moved. Rain and snow is predicted for Thursday.
LEAN HOGS
With futures already premium to cash, traders haven’t wanted to add to their longs with hog slaughter above a year ago. Futures have moved off last week’s highs for most contracts however, Wednesday the August Lean Hog contract made new contract highs and a new contract high close.
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