Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Currently December 2023 Lean Hogs at $73.35 are $2.93 under the CME Lean Hog Index with about a month when December Lean Hogs expire. There is a give and take in the hog and pork markets. Cash daily pork is moving up more compared to daily cash hogs. There is a strong export market compared to too much pork offered. The fulcrum is the number of hogs available. Slaughter has been increasing and the question what will happen ahead.
LIVE CATTLE
Many traders and producers are looking at the drop in futures and cash cattle and feeder cattle markets and feeling markets have corrected too far when looking at the downturn in numbers. But it may be due to high prices for beef. Last week’s trade volume was heavy and active. Monday futures trade volume was moderate for December and February and light for April on out.
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