Written Commentary
MORNING LIVESTOCK OUTLOOK
LIVE CATTLE
The negativity in the equity markets bled over to the cattle and beef futures markets this past week. Before the drop in equities traders were already worried about possible recession and then banking woes weighed heavy on the market on an otherwise bullish cattle fundamentals. As of Monday there are 21 days until April Live Cattle go into delivery. The COF report is news that is long term and traders are focusing on current news and implications of possible future events. Pre-report estimates were friendly and traders expected a bullish report and pretty much passed it over.
LEAN HOGS
After dropping to lows back to December 2021 for June Hogs, they recovered most of the day’s loss for the week but still ended up lower. April Lean Hogs ended up positive to settle at $79.87 which now is close enough with 11 days to go before April with the CME Lean Hog Index at $79.95. Traders have moved to mostly June but also August and October.
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