Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Tuesday, Live Cattle made contract highs and contract high closes. April 2024 Live Cattle topped at $190.15. Live Cattle are bear spread. Weights have been slowly improving but still remain light with too many Select grade cattle moving.
LEAN HOGS
Lean Hogs were up as traders were rolling and bringing August closer to July. Traders are spreading, buying the front months and selling ahead. Pork has become competitive for retail shelf space but if beef prices continue to fall, and as consumers buy fast cooking meats in the heat of the summer not only in the US with high temperatures but China and parts of Europe, how long will pork prices remain high or near current prices.
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