Volume in Hog Futures Light
Morning Livestock Outlook
Lighter showlists this week, big packer profits and feedlots finally seeing black instead of red margins have given Cattle feedlots something to stand upon holding out for higher prices. They know packers want to kill cattle. Asking prices are $108.00 to $110.00. The fefw cattle moved in Iowa/Minnesota were cattle bought last week that were shifted to this week.
The October/December Lean Hog spread is oversold. Look for spread to reverse. December $10.40 under October is ridiculously wide. Volume has been light on hog futures. A ridiculously wide spread plus low volume trading is needs to be carefully watched for December to turn around.
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