Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Friday was a slow day. Globex volume on February live cattle was only 13,421 contracts. December settled at $187.97. There is a week before first notice day and traders will be waiting for the number of cattle actually bought on the showlist. Packers did pay up last week for cash cattle but the number of cattle bought was light.
PORK COMPLEX
On Friday lean hogs were down on light volume. The most active contract, February, settled at 86.32, dropping to just the 5 day moving average. February hogs need to break 82.75 to confirm a top has been made. The past two days may have been simply end of the month profit taking. Open interest is extremely big.
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