Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
For Cattle On Feed and Marketings, trader estimates were in line with the report. Cattle placements came in 1.5% higher than the average estimate but within the range of estimates.
Live Cattle futures closed higher for the 5th day. June and august live cattle filled gaps from April 3rd and 4th but from October on out they came within pennies of filling the gaps. Traders were bull spreading
PORK COMPLEX
Big jump in bellies along with loins up put the daily pork cutout up 4.22. For the 5 day average the cutout from a week ago gained .64 cents.
With April Lean Hogs off the board speculators will take over for the remainder of April and into may.
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