Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was moderate Tuesday as Live Cattle futures turned lower. December Live Cattle dropped to the 20 day moving average and moved off the low settling below the 10 day average the first time since September 10th. October Live Cattle were lower as traders used the larger packer buy of last week as bearish for cash prices this coming week.
PORK COMPLEX
Trade volume was exceptionally light Tuesday. December GLOBEX volume was 14.505 contracts and February 5,415 contracts. Without a spot month for close to a month and a half, speculators take control, with cash hogs and pork drifting slowly lower and spreads currently bear spread.
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