Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
The 5 day negotiated average steer price as of December 15th was $167.84. Friday, December 15th December 2023 Live Cattle settled at $168.22. With heavier cattle being sold there is more beef on the market. It is going to add more trimmings, ground beef and more Select beef. Consumers wanting cheaper beef will benefit but more beef and cheaper beef is going to pressure Choice prices.
LEAN HOGS
Packers had a good week. As of Friday, December 15, 2023, the CME Pork Index gained on the CME Lean Hogs and was plus $16.96, with the CME Lean Hog Index losing for the week $1.68 and the CME Pork Index gaining 77 cents. Lean Hog futures for February on out saw spec traders narrowing bear spreads on light volume trading.
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