Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was light Monday with traders mostly spreading. June volume was 23,8620. Bull spreads narrowed last week and Monday specs on daily trading were bull spreading. April live cattle are discount to cash but caught up Monday and June is discount to April.
PORK COMPLEX
The 5 day pork carcass average was down 90 cents Monday and the CME Index was down 65 cents. Pork prices are dropping and putting packers into the red. Packers will fill pork orders and when possible cut kill. Hog weights aren’t fluctuating so hogs are current. With kill down, packers aren’t going to push kill and have to raise prices.
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