Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Trade volume was very light Tuesday. Traders aren’t willing to add a lot to the futures. Choice beef is dropping and there time between now and first notice day for cash and futures to near a closer level of convergence. With live cattle bear spread, and the majority of large speculators, the market is going to wait to see how packers buy cattle.
LEAN HOGS
August lean hogs continue to gain on October lean hogs. Live cattle/lean hog spreads for October and December spreads moved to extreme difference. Monday the December live cattle/December lean hog spread settled with cattle $123.27 over lean hogs. The spread has had big moves since april 12th it moved $24.27 and a since june 3rd it gained $14.25. At the same time pork prices have slowly been moving up.
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