Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Having no SNAP payments and the Supreme Court hearing about tariffs may have an effect to the live cattle futures market. Beef processors , food companies and the fast food industry certainly want tariffs lifted as does Brazil.
The Goldman Sachs roll began and it is expected to see selling the nearby, December and buying ahead. But it could be more than fund rolling. Spreaders have been bull spread and funds could be reversing to bear spreads. It is too early to say but it is something to monitor.
LEAN HOG COMPLEX
Cash pork prices turning lower mostly due to loins but hams are well off the highs. This is a time when there normally is a seasonal downturn.
Traders were rolling with the Goldman Sachs roll that began Thursday. With lean hogs already bear spread, the spreads will widen.
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