Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Boxed beef prices were higher Monday and Tuesday because little is being offered on the daily market. After contracted beef orders are filled, there isn’t much beef left especially select beef to sell on the daily sales. Tuesday, select rib sections were $15.48 over choice rib sections. Consumers are saying they want beef and will pay for lower grade.
Feeder cattle were lower Tuesday following live cattle. volume was light.
LEAN HOG COMPLEX
Trading on Tuesday consisted of spreading mostly buying lean hogs and selling live cattle and dropping to the 22 day moving average but there was also light bull spreading after bull spreads widened to new lows on either Friday or Monday.
The positive fundamental for hogs is the strong exports.
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