Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
After making contract highs and gapping higher on the open, Live Cattle reversed and all but April closed lower. Volume was active with June Live Cattle trading 37,422 contracts on GLOBEX. Daily boxed beef movement remains light as packers have smaller numbers of cattle ready for slaughter and as weights drop.
Cattle/Hog spreads had cattle gaining on hogs Thursday and cattle spreaders continued to bull spread.
LEAN HOGS
Lean Hogs made new contract lows Thursday. April goes off the board Friday and will it break $70? June on out dropped as spreaders were buying June, July and August and selling October on out. Spreads are bear spread.
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