Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Lean Hogs closed down Thursday. Lean Hogs right next to contract lows and Thursday traders disregarded the excellent exports of 2023. May Lean Hogs at 77.05 are $3.27 above the CME Lean Hog Index with June Lean Hogs at $13.37 above the Index. Pork prices are slowly improving but with hogs biting into the higher pork prices, it is negative.
LIVE CATTLE
There is over a month from now to when June Live Cattle are in delivery and more than what fundamentals are taking place now, speculators are in control. June Live Cattle settled on May 4, 2023 at $161.57 , $14.42 below the 5 day negotiated steer price at $176.02.
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