Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Futures trade volume has been light and volume Thursday started out light but spec traders came into the market around 11:15AM Central time and with sizable contracts drove prices higher. With Choice boxed beef prices down, the increase in buy volume was not expected and stops were hit as markets blew through moving averages. Volume was moderately active with April 2024 Live Cattle Globex volume 28,905.
LEAN HOGS
The pork market is moving higher. Leading the carcass higher are bellies and ribs. The carcass needs to be led by loins and hams. February 2024 Lean Hogs are $4.91 above the CME Lean Hog Index. There is close to 3 weeks before February settles and prices converge. There is a lot of time for cash to go up or futures to come down.
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