Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Tuesday was another light volume day with markets closing higher for the third day. April live cattle settled at $204.80 moving to convergence with 5 day negotiated steer price at $207.83. With the most active month June live cattle that is discount to April, traders are narrowing the bull spread.
PORK COMPLEX
April lean hogs on Monday went off the board at $85.47. Although may lean hogs are hardly traded, in two weeks may lean hogs do become the spot month and used as the price where futures and cash need to converge. May is currently $2.20 over the CME Lean Hog Index.
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