Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Trade volume was light Wednesday. Traders are waiting to see how exports come out Thursday morning. Pork prices have started to move lower which could be indicating exports might be lessening. The CME Pork Index continues to narrow to the CME Lean Hog Index for the 5th day. As this happens packer profit margins are less.
LIVE CATTLE
Live Cattle were down Wednesday with the negativity from the boxed beef market as Choice beef drops $1.66 and fear trading with news about Avian Flu, but traders were also buying June and selling August, bull spreading. No cash cattle sales so far for the week. Feedlots expect to regain losses of last week but large packer losses are going to have packers needing to buy cattle cheaper.
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