Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
For the day after a cattle on feed report, trade volume was light. October live cattle volume was 18,25 contracts. December volume was just 9622 contracts. Spread trading was the dominate trade. Traders were bear spreading cattle and buying hogs and selling cattle. Currently, the trade is pressuring cattle.
LEAN HOGS
Volume was light Monday. There was bull spreading from October on out, but at the same time October is $16.40 under August. The Lean Hog Index to Pork Index has pork at $10.52 over the CME Lean Hog Index. Last week pork gained $3.89 over the Lean Hog Index. Packers have positive margins.
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