Lean Hogs Were Followers
MORNING LIVESTOCK OUTLOOK
Hog trade volume was active Monday especially for December 2022 Lean Hogs. 2023 Lean Hogs were followers with mediocre trading. There is a good reason hogs gained as much as they did. Futures gained on the spread between current cash and where October settled and the December 2022 Lean Hog price.
Boxed beef prices were mostly steady last week but, Monday boxed beef sales broke out to the upside during trading hours helping to put Live Cattle prices higher. Choice beef was up $1.16 and Select beef gained $267. Movement wasn’t large indicating packers are filling previously contracted orders first and then offering available beef on the daily market. Low daily movement with higher prices is normally friendly for boxed beef.
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