Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
For the day after the Cattle on Feed report trade volume was very light. But according to the report, it traded how it supposed to move. With cattle on feed 2 percent higher, February Live Cattle were weaker than the lower placements for spring, April and June. But from the technical point of view, traders were bear spreading . Boxed beef started out the week Monday higher but on very light sales.
LEAN HOGS
Packers should be pleased at least with the price of daily hogs they buy compared to how pork is selling on the daily market. The hog/pork spread moved out to a wide $19.95. Of course it is based on the light movement over the past week but the spread was already trending wider before the deepfreeze and drifting icy roads. Weights are also going up. Exports remain solid.
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