Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Fundamental traders looking at tariffs, possible raids on immigrants, new world screwworm, Iran/Israel war, Cattle on Feed report outlook.
With less than a week before expiration of June live cattle, the difference between cash and June futures is wide. Is the cash market going to tumble this week or are futures going to rise?
PORK COMPLEX
With the Hogs and Pigs report on Friday and the end of the first half of the year, trade volume was moderately active Tuesday. Spread traders were taking profits after Monday’s new contract high closes as well as spread traders taking profits on long hog/short cattle spreads like they did during the first two hours of yesterday morning trade. Hog open interest is high.
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