Written Commentary
MORNING LIVESTOCK OUTLOOK
Live Cattle futures were higher Thursday with traders bull spreading from April on out. Trade volume was moderate. Choice boxed beef was up 11 cents on morning sales and 3 cents higher by the afternoon. Exports over the past 2 weeks have been good and likely helped Live Cattle futures to rally. If you watch waves, Cattle futures are in a 4th wave.
Lean hogs traded higher Thursday on strong exports and better daily pork sales. Trade volume was light. But to get higher pork prices packers are killing fewer hogs. Slaughter this week compared to last week is down 16,000 hogs and 146,000 better than last year at this time.
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