Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
It is hard to say if Live Cattle and Feeder Cattle futures Tuesday reacted to the report about avian flu found in dairy cattle caused futures to tumble or was it continued selling after the unexpected increase in placements on the COF report or was it fund longs liquidating and then adding new shorts. Volume was heavy. June Live Cattle fell $3.22. From the spike high on Thursday March 21st and the close at $184.50, June 2024 Live Cattle have dropped $6.12. Tuesday they fell $3.22.
LEAN HOGS
Trade volume was light Monday and Tuesday for Lean Hogs Oct 2024 Lean Hogs made new contract highs on Globex volume of 3,484 contracts. With the Hogs and Pigs report on Thursday, traders are already positioned ahead of it or out.
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