Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
From Friday April 4th to Friday April 11th April live cattle futures ended the week slightly lower. Throughout the week the volatility came from long liquidation and traders reversing spreads. Open interest is dropping.
Feeder Cattle brushed aside the tariff war and closed higher. For feeders the need is controlled by the producers that have cattle contracted and packers that feed cattle. Feeder cattle numbers are limited and with feeder cattle already contracted at lower levels, buying feeder cattle now is averaging in a few with contracted prices at lower prices.
PORK COMPLEX
As April lean hogs go off the board speculators will take over for the remainder of April and into may. The difference between the CME Lean Hog Index and the CME Pork Cutout Index has been narrowing with packers seeing deeper losses.
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