Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle futures volume was moderate on Wednesday. Live Cattle opened lower dropped to the 20 day moving averages and then reversed to close slightly higher. Boxed beef on the morning sales was up $1.61 for Choice. Packers backed off kill Wednesday.
LEAN HOGS
Lean Hogs were up strong Wednesday as speculators were selling cattle and buying hogs. Spreads peaked April 18th and traded sideways Monday and Tuesday as traders took profits and Wednesday sold cattle and bought hogs. Volume on hogs and cattle were similar.
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