Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
The Cattle on Feed is a bullish report for Live Cattle. With the recent higher move, price action will also depend on how much more to the upside can beef move. March and April are normally months when beef moves higher. It is obvious why traders have been bull spreading.
The report is friendly to Feeder Cattle that will regain Friday’s loss and add $3.00 to $4.00.
PORK COMPLEX
Hog prices were slightly lower over the week with the CME Hog Index down 54 cents and the CME Pork Cutout down 92 cents. Lean hogs index to the pork cutout was down 36 cents shaving off packer margins and likely why they kept the slaughter down for the week.
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