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Cattle - Opening Calls
Cattle futures are called steady to lower. Further spillover weakness from lean hog futures and the $1.06 drop in choice beef cutouts yesterday will weigh on the market. Losses should be limited by the fact that market ready cattle numbers are tightening and that beef demand should soon begin to improve seasonally.
Hogs - Opening Calls
Lean hog futures are called lower again this morning. After the $3 limit losses on Wednesday, we look for further losses on the open. Cutouts and cash markets are in free fall. Pork cutouts were down $2.05 yesterday after declining almost $4 the previous day. Cash prices fell about $3 yesterday and have been trending lower this week. There is also concern about pork exports as Russia plans to cut import quotas for pork.
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