Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Trade volume is going to be slow this week. January trading is going to depend how traders anticipate beef movement in 2024 and during the first quarter how the market handles big heavy weight cattle in the Midwest. During 2023 the beef market showed there are consumers that didn’t hesitate buying Choice/Prime steaks and high end roasts while other consumers were tightly watching food dollars for their groceries and buying the cheapest beef. It will also be watching exports. Beef exports have been poor. At this time, there is no reason to see much improvement. Inflation may have slowed but it remains high.
LEAN HOGS
Bear spreading on light volume trading was about Tuesday’s trade for Lean Hogs. February volume was 18,647 contracts dropping to 5,135 contracts for April. Not for one bit were traders looking at lower kept for breeding with light trade for summer and into next fall.
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