Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was moderate Tuesday. There are large speculators and funds that roll before the Goldman Sachs times. December live cattle volume was nearly identical to December lean hog volume. The lez/hez spread is extraordinarily wide now and it is likely to narrow in September.
PORK COMPLEX
If pork consumption increases as it is expected to do, look for gains during September. The bull spread between October and December lean hogs should widen and lean hogs should gain on live cattle. Live cattle/lean hog spreads are currently at a record wide spreads.
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