Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live cattle futures were higher Wednesday on moderate volume. Futures closed above the 2 previous day’s highs but so far hasn’t taken out resistance which would be last Thursday’s high. For instance it would be 253.47 on June live cattle and 245.50 for August live cattle.
Trading was light on feeder cattle. Futures were higher as traders were obviously bull spreading.
LEAN HOG COMPLEX
With about 2 and a half weeks before June lean hogs expire, June lean hogs are $6.90 over the CME Leand Hog Index. Unless pork demand increases which packers need to take them out of red margins, it is now likely to see June lean hogs break rather than cash hogs go up.
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