Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Lean Hog futures closed down Monday and traders were actively bear spreading. The CME lean hog index at $71.49 is $18.21 under June 2023 Lean Hogs and for those watching May 2023 Lean Hogs, the CME lean hog index is $7.81 under May. Packers seem to be adjusting slaughter in order to support daily pork prices or better said to keep pork from dropping.
LIVE CATTLE
Live Cattle futures volume was moderately active Monday with most trading on June and August contracts. Prices were lower as traders looked back when often there are seasonal highs in April. At the same time traders are also considering as the latest Cattle on Feed Report indicated cattle on feed were down 4 percent with steer and heifer carcass weights down last week over 16 pounds and year to date slaughter is off 3.2%.
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