Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle futures volume was moderately active Monday and ended higher. Outright futures traded between their moving averages. The one significant trading was more narrowing of bear spreads. December is gaining on February and April as it should for the expected strong beef market needed for the holidays. Boxed beef was higher Monday but on extremely light sales of total 59 loads.
LEAN HOGS
Pork prices were up Monday, but on light sales of 192.96 loads of cuts. Trimmings have become a large part of pork movement. Hog slaughter is up. One day of higher pork prices is not a positive or negative indicator. Pork prices have been dropping and the CME Pork Cutout Index has been narrowing to the CME Lean Hog Index.
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