Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live cattle traders continue to bear spread. Trade volume was active. It is likely funds re-entered trading Monday with the new allocations for first full trading week of the 3rd quarter and funds that allocate the 2nd half of the year. July is a non-spot futures month and funds use it to their advantage, especially when hedgers retain positions.
LEAN HOGS
Spread traders are moving lean hogs. Funds are big spread traders. Past years have shown spreads from august through December they become increasingly active. When index and equity funds roll , they are selling august and buying October, the algorithmic funds often take advantage and buy October and sell December. There are 4 months from now until October expires giving funds a lot of time.
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