Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Traders are milking that Avian Flu was found in milk. Tuesday’s news had Live Cattle futures bouncing like a yoyo. For some reason reporters seem to think dairy milk cows are the same as fed cattle. Cattle associations need to go out and teach reporters the difference between meat and milk and dairy cows and fed cattle. But then again, it’s a story reporters can use because they need a fundamental reason when the reality the market is forward months are moved by formula algorithmic funds that have no idea about the underlying commodity traded.
LEAN HOGS
Lean Hogs were higher Tuesday on speculative buying. Volume was moderate. With almost 2 months before June expiration spec traders have control. The CME Pork Index continues to narrowed to the CME Lean Hog Index for the 4th day. Beef prices were higher Tuesday with improvements in rib and loin primals with retailers restocking needs and likely a pickup for Mother’s Day on May 12, 2024.
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