Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
As of today there will be 3 days until December live cattle First Notice Day. Open interest in December is fairly large. Futures deliveries accept heavier cattle than packers discounts so there could be deliveries increased in the Midwest and more Midwest cattle at cheaper prices to the southwestern prices moved to the southwestern plants.
LEAN HOG COMPLEX
Lean hog trade volume is light and mostly made up of speculative spreading and since November 25th spread traders are buying cattle and selling hogs.
Packers are keeping slaughter at levels where they have positive margins. Weights over the past month are up and packers could increase kill, but it would mean raising hog prices.
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