Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Hogs and Pigs Report neutral to a little bearish. Analysts are focusing on the “Kept for Breeding” from the Hogs and Pigs report down over 3%. However, it will be somewhat offset with recent and current outlook for All Hogs as of December over 100% and Kept for Market over 100%. Also there are 4 percent more pigs per litter. It appears traders will continue to bear spread.
LIVE CATTLE
The Cattle on Feed Report was in line with expectations. The report doesn’t show it but with increasing cattle weights, and 3 percent more cattle on feed compared to a year ago, after the first of the new year, prices will likely move down first into second quarter. The market is currently bear spread for a reason.
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