Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle gapped lower Monday on the open as spec traders “acted” disappointed that placements were down just 1% from a year ago when they were anticipated to be 4 percent lower. But when push comes to shove, placements were still lower and more importantly with Live Cattle futures discount to cash and June Live Cattle almost $10.00 below April Live Cattle, traders took advantage of the lower opening and bought futures into the close.
LEAN HOGS
April 2023 Lean Hogs went off the board at 71.85. Lean Hogs rallied Monday on moderately light volume with May 2023 closing at $77.70 and June 2023 closing Monday at 87.35 or $15.50 from April’s settlement. Light volume trading is concerning. June is bear spread to July and August.
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