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Large Part of LC Trading Was Specs



Futures trade volume was light Friday. A large part of the trading was speculative spreading selling June cattle and buying June hogs. Trade volume was close to the same.  On feed was up 1 percent but on the lowest estimate.  Placements down 12 percent were 5 percent below the average estimate and below all estimates. Marketings were 2 percent below the average estimate and on the lowest estimate.



The CME Lean Hog Index narrowed to the CME Pork Index for the second day.  As this happens packer profit margins are less.   Pork exports were less than half of the previous week and a marketing year low.  A big drop in one week doesn’t mean a lot but if exports continue to drop, it is negative because exports have been a bright light for pork prices.  If  beef prices continue to decline,  it is likely to see a drop in pork prices.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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