Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Lean Hog trade volume on Tuesday was light to moderate with June by far the most traded month. Lean Hogs from June on out aren’t packers buying hogs. They may be buying a few but they have been buying hogs and selling pork for months before the recent move to the upside. Since the March Hogs and Pigs report, June has gained close to $4.00 on April. The December 2023-February 2024 pig crop was up 2 percent from last year.
LIVE CATTLE
Trade volume was light to moderate Monday and Tuesday. Since Friday’s close April Live Cattle are up $2.45 as it nears closer to cash. Last week, cash cattle in the Southwest traded $184.00 and cash cattle in the Midwest $187.00 with steers averaging in the U.S. at $185.89. So far no cash cattle have been sold as of Tuesday. Packers are going to try to buy cattle cheaper and feedlots are asking for prices back to a week ago with asking prices 189.00 to $190.00 in the Midwest claiming packers are short bought.
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