MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle futures trade volume was light Tuesday. Live Cattle widened bear spreads. Since November 2nd Live Cattle have had a steep drop. In November spreads have tightened bear spreads but remain bear spread. The bearishness comes from the beef market that has been moving down and packers have negative margins.
LEAN HOGS
Trade volume was moderate Tuesday with Lean Hogs from February on out bear spreading. December 2023 Lean Hogs settled at $68.17 on December 21st. The CME Lean Hog Index is at $74.52 and $6.35 over December 2023 futures. Packers are in the black. Weights are increasing. Cash negotiated hogs, carcass and formula priced hogs all have been trending lower.
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