Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
The downturn on live cattle futures closed below the 10 day moving average for the first time since July 1st . The next support for October live cattle is 220.10. Volume was active Thursday but how much was end of the month profit taking or a reversal is too soon to say. Live cattle and feeder cattle had big moves during July and profit taking on Thursday was certainly a big part of the trading. But was there also new selling especially hedging needs time to prove.
Like live cattle, feeder cattle moved lower Thursday on active trading. During July feeder cattle futures moved to extreme contract highs with movement over $30 plus dollars during the month.
PORK COMPLEX
Trade volume was light Thursday. Most of the trading were spreaders reversing live cattle lean hog spreads. Packers revised down slaughter Wednesday. It is the only way they can attempt to support pork prices.
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