Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Monday was a good example of why non-spot months are controlled by large speculators. Live Cattle opened lower, continued down into mid-day dropping slightly below the 5 day moving average and recovered to settle on the 5 day moving average. It wasn’t coincidental.
Feeder Cattle open interest has been steadily moving higher. Longs have been sticking to trades and adding on dips. The cash Feeder Cattle market has been boosted with the quarantine of Mexican feeder cattle, the seasonal light movement from May through early summer, and cheaper grain market.
PORK COMPLEX
Trading in hogs Monday was mostly spreading. August and October by far the most active with December moderately active. Spec traders for the most part are keeping in 2025.
Spec traders are selling hogs and buying cattle adding more negativity.
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