Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
The last time live cattle traded closed below the 10 day moving average was march 19th , the day before the March COF report.
For the Cattle on Feed report, weight breaks of placements will be important. More lighter placements will show less going on pasture especially in the areas where there were fires and it also shows managers want to put feeders in feedlots sooner to finish faster and not tie up capital waiting more time it takes to put on weight first on grass and then into the feedlots and getting heavier carcasses. If cattle are put on feed sooner, carcass weights will be less in the late fall and 4th quarter .
LEAN HOG COMPLEX
The CME Pork Cutout narrowed to 7.23 over the CME Lean Hog Index putting packer margins in the red. Watch to see if packers slow slaughter if cutout prices continue to lose to the hog index.
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