Written Commentary
MORNING LIVESTOCK OUTLOOK
Volume on Live Cattle moderate, but movement is small from low to highs. Spreaders dominate the trade and they are bear spreading. A month before deliveries begin in December and algo traders are going to move markets.
Light to moderate trade on Tuesday with Lean Hog futures ending mixed. Traders seem to want December to move higher. It is currently $8.79 under the CME Lean Hog Index but with more than a month before December expires and trading in a non-spot month, traders have plenty of time to trade it higher, lower or sideways. However, the weakness in the cash hog and pork market should influence direction.
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