Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Cattle trade volume was light Wednesday. Without an established cash trade developing for the week, traders were sidelined. Feedlots expect higher, $2.00 to $3.00 up and packers are quiet.
Slaughter has increased and so have weights in the Midwest. Look for packers to pay more in the southwest than the Midwest.
PORK COMPLEX
October lean hogs topped on September 29th at 101.95 and settled on October 14th at 97.47. December lean hogs topped at $91.52 and settled at $83.60 on October 15th. The spread between where October expired and December was wide at $14.32. With the wide spread between the October lean hogs and December lean hogs also the extremely wide difference between December live cattle and December lean hogs, expect lean hogs to move higher.
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