Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Trade volume was light Tuesday. April moved nearer to cash and June Cattle on out narrowed the spread to April. Monday, June was $6.47 under April. Tuesday, it narrowed to $5.57. Without a cash price so far this week and the COF Report on April 19th, expect slow volume trading Wednesday and Thursday with more narrowing on discounted June on out but remaining bull spread June and August.
LEAN HOGS
Cash hogs and pork have been trending higher and packer margins are positive. The CME Lean Hog Index to the CME Pork Index is positive for packers. The daily pork cutout was lower Tuesday. The belly market is back to being a yoyo with bellies on Tuesday down 22.78.
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