Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Slowly pork prices are moving lower. Day to day from morning sales to afternoon sales there is volatility of primal cuts but the 5 day carcass average has been trading lower. At the same time, the CME Lean Hog Index has been gradually narrowing the difference between the CME Pork Index. It is still at a level where packers are in the black on negotiated hog purchases and the price of pork on daily markets, but if it continues to narrow, packers start to lose margins.
LIVE CATTLE
Live Cattle were higher Thursday but traders were unable to push markets to fill a small gap on December Live Cattle from 188.00 to 188.15. For the week December is up $1.10 and February is up $1.22. The December/February Live Cattle spread remains bear spread.
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