Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live cattle were down Wednesday on reversal of bull spreads and end of the month profit taking. Volume was moderately active. From April 3rd , the first day of trading for April until the opening on April 30th, the June/August spread moved $3.65. The low was the 5-day moving average, not a significant break.
Boxed beef was also lower on morning sales on Wednesday due mostly to rib primal down $18.90 from Tuesday’s close.
Thursday trading goes into may, a non-contract month. The most active rolling will be from the 5th business to the 10th business day.
PORK COMPLEX
With hams and bellies gaining and after the poor exports of the previous week, it is likely Mexico is back in the market after their easter break which is why packers jumped up Saturday’s kill.
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