Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live cattle trading picked up a little volume Thursday and was moderately active. The outside day down on Wednesday was ignored. Finally, on the 7th day of moving near resistance , it broke resistance, December resistance was $188.30 and it moved up to $188.47. However, there were no stops and it settled at $188.27.
PORK COMPLEX
Terrific exports helped move hogs higher Thursday. But there wasn’t big power able to move and stay above resistance. December the most actively traded contract, moved to overhead resistance at 77.20, moved 7 cents above it but settled at 76.95. There just aren’t big buyers willing to buy even though December is trading $7.07 discount to October.
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