Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Monday, Lean Hogs traded lower in conjunction with Live Cattle and the lower Dow Jones. Tuesday, lean hogs partially recovered some of Monday’s losses. Spreads changed very little and volume was light. Hogs continue to gain on cattle. Producers in the Carolinas having problems moving hogs. Some lagoons are flooding.
LIVE CATTLE
When Cattle futures closed Tuesday, Dow Jones was up 595 points. August live cattle were $181.97 up 42 cents, October live cattle settled up 5 cents and December down 20 cents. It’s looking like it was not just the lower financial markets driving live cattle futures lower. For close to 2 years cattle traders have been concerned about inflation and what consumers may or may not buy. However, a recession on top of already high beef prices would definitely hurt the beef market.
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