Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Daily beef sales have been light and when the daily loads are light, it happens when packers fill previously contracted beef orders first and beef on the daily market is filled after. Cash cattle were $3.00 to $4.00 higher last the week. Dressed cattle ranged from unchanged to $10.00 higher with average up $3.00 to $5.00 higher.
PORK COMPLEX
Hogs and pork are not moving up as beef moves higher. Pork has been working slowly lower.
Live Cattle/Lean Hog spreads have made big moves. Going into the Cattle on Feed report with cattle at or near record highs could be near a top on the spread.
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