Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
The Hogs and Pigs report is neutral to slightly negative. Most pre-report estimates were below actual numbers released by the USDA. June August farrowings were down but there are more pigs per litter. Farrowing intentions can be taken with a grain of salt. They are intentions. Producers selling on formulas and long term contracts plus what packers outright own can’t afford to have empty pig spaces.
LIVE CATTLE
Live Cattle futures trading was active Thursday. October Live Cattle made new contract highs but back down going into the close. December Live Cattle didn’t make new contract highs and it also backed down from the high. A big part of the trade had speculators buying nearby months and selling forward months, bull spreading. Spread traders were also selling cattle and buying hogs.
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