Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Traders were spreading Wednesday as they were selling nearby months and buying months ahead. June Live Cattle went off the board at $181.50 with August discount. Wednesday traders extended the discount with August settling at $174.95. Volume was moderate. Spread traders were also selling Live Cattle and buying Lean Hogs. Expect spreading to be a dominate part of Live Cattle trading in July.
LEAN HOGS
Hog weights are light, losing weight day after day. Lighter hogs are price supportive. The recent CME Lean Hog Index is 94.31 and July Lean Hogs settled at 101.27 Wednesday. With less than two weeks before July Lean Hogs expire, either cash is moving higher of July Lean Hogs are going to move done.
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