Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
As slaughter shows compared to a year ago, it is down 21%. Until buyers fill the demand for cheaper beef, prices will remain strong. Cattle are also up because longs have been sticking with their positions Open interest for live cattle and feeder cattle shows it.
PORK COMPLEX
Trading on Lean Hogs was moderate Thursday. Wednesday spec traders took profits on live cattle/lean hog spreads and Thursday traders were putting them back on. Pork is cheap especially compared to beef. With loins and hams at current prices, it is likely to see some buying.
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