Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
New contract highs with new contract high closes were made for live cattle and feeder cattle Tuesday. Live cattle trade volume was active with traders buying futures and actively bull spreading. Throughout 2025 bull spreads indicated the strength in the cattle market.
Trade volume was extremely heavy. June volume was 63,368, October 43,197 and December 24,890. The heavy trade volume Tuesday and bull spreading strongly suggest that funds were coming back for the 3rd quarter and 2nd half of the year.
PORK COMPLEX
The difference between the CME Lean Hog Index and the CME Pork Cutout at $4.07 puts packers deep in the red. Packers will kill enough hogs to fill previously contracted pork orders.
Tariff negotiations especially for China , Brazil, Japan and South Korea will be important to watch.
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