Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Lean Hogs attempted to extend the recent rally but gave it all back late into the trade. However, the drop didn’t break technical support and volume was moderate on December and light for contracts into 2024. About all that can be said, is the trading Wednesday gave up earlier week gains. With cash hogs weakening and pork prices moving lower, the gains of Monday and Tuesday weren’t warranted at this time.
LIVE CATTLE
A few funds have started to roll to February which for a couple of weeks could pressure December and move February and April up. As of Wednesday there were just a handful of cash cattle sold. With boxed beef down hard Tuesday and Wednesday packers will try to use it to their advantage and want to buy cash cattle lower. But with limited cattle available in the Southwest, they need to secure cattle and make sure they have cattle at the very least to meet contracted beef orders.
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