Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle futures were higher Friday. With a little over a week until delivery, April Live Cattle led the way up. For most of the day traders, were buying front months and selling back months continuing to bull spread and correct bear spreads later in the year. Live Cattle are down for the month of March, but traders are bull spread and during a month when there is a lead month and not a spot month, spreaders are the dominate traders.
LEAN HOGS
Lean Hog futures were higher Friday not because of pork was higher but because Lean Hog futures were technically oversold and a bounce was likely before the end of the month and end of first quarter. Since the beginning of 2023 and throughout March, it was expected to see speculators take end of the month and end of first quarter profits.
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