Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Slaughter is increasing and with packers working in the black they aren’t hesitant to pay up for hogs especially with pork prices up better than hogs. Pork prices remain cheap and on the global market, pork demand is strong.
LIVE CATTLE
Trade volume Wednesday was light to moderate. April Live Cattle moved up to within 20 cents of a gap from 189.10 to 190.27 and then retreated. Traders are waiting for the COF report on Friday afternoon and to see what packers do on the cash market. With negative packer margins, packers are going to wait out and similar to a week ago buy cattle late this week.
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