Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
There are about 2 and a half weeks before June live cattle First Notice Day. In commodity futures time, it is a lot of time with the volatility in livestock futures and the majority of day to day price movement formula trading. But taking the latest negotiated steer average price at $263.47 and the low price of June live cattle on Wednesday at $251.80, cash was $11.67 over futures, either cash is going to dump or futures will move higher.
LEAN HOG COMPLEX
Trade volume was light Wednesday. Spread trading was most of it.
Traders will be watching what pork exports do. Exports for the year are up but have been dropping off. The US needs exports to support pork prices.
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