Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
June hogs through August hogs were down Thursday after making new contract highs on March 18th. Pork prices were slightly lower Thursday on light sales. Bellies were down 9.76 on early sales and ended the day down 3.53. Ribs were off 9.48 on morning sales and ended the day off 7.58. Pork prices are benefiting from high beef prices. There are analysts estimating pork consumption in 2024 will add another pound. In 2023 US consumers added 1 pound of pork with largest gain for poultry up 4 pounds.
LIVE CATTLE
Packers came out strong this week buying cattle $2.00 to $3.00 higher with Midwest Cattle averaging for steers $190.50. Dressed cattle averaged $303.00. Cattle movement in Kansas was active with cattle $2.00 plus higher averaging $188.00. Very little buying in Texas with the few sold at $188.00.
Cheap wheat, milo and corn are helping feeder cattle buyers. With the high cost of replacing cattle, feedlots can hold cattle.
>>Read full report here
Interested in more futures markets? Explore our Market Dashboards here
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2021 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
