Written Commentary
MORNING LIVESTOCK OUTLOOK
Buying was active in the Midwest on Wednesday and once again top prices paid for cattle that are heavier and have more finish. The way the daily beef market is trending, with rib and loin sections down and increasing loads of trimmings and ground beef, it looks like there are going to be more hamburgers and hot dogs on the grill for Memorial Day, than steaks.
Lean hogs were higher yesterday. After 7 down days and becoming oversold to the point a healthy bounce was needed. Tuesday a small gap on the June chart at 102.07 to 101.95 was filled and with an RSI at 27 Wed morning, a bounce was going to happen soon.
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