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Livestock Markets Higher


The Fed Cattle Exchange on Tuesday has 1,447 head for sale. Over the past couple of weeks cattle offered for sale have been dropping.  The fewer head for sale show packers aren’t cancelling contracts.

June live cattle moved higher Tuesday for a couple reasons, and it pulled up the other futures with it. Spec spreading as usually was one reason. Buying June and then selling on out.  Volume was just moderate, so it doesn’t appear to be a market that is going to rally for any length of time. Cash markets haven’t been established this week and June has been trading below cash. Maybe this week showlist pricing will go back to the way it was priced over the past many years with a showlist price established Thursday or Friday. A big part of the move up had to do with specs couldn’t push it lower and sustain lows over the past couple of days.  The specs took in shorts and some buy stops were hit.


Moderate  volume trade on Tuesday. CME Hog  Index keeps dropping and narrowing gap between futures and high end  of Formula priced hogs.  Direct hogs average price slightly above $30.00.

Traders are waiting to see if pork prices find a bottom and t if China buys as they did January through April. China over the past 4 weeks has stopped the surge buying of pork. After breaking records the first quarter and April, May exports to China and Mexico just mediocre

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