Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Trade volume was light Wednesday as Lean Hogs bounced off lows to close mixed. Traders are looking at lower pork prices and waiting for Thursday’s exports. When Lean Hogs made contract lows on May 26th, December gained $10.77 in a month. However, in May through June trading was during a spot month. Now, trading is in a non-spot month where speculators dominate trading. Pork prices continue to drop.
LIVE CATTLE
Futures trade volume was light Tuesday and light on Wednesday. Trading is going to be light this week ahead of the COF report on Friday. As it usually happens, spec traders will position themselves to be flat or spread before the report.
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