Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle traders are cautious not knowing when news of Avian Flu may drive futures lower. With June and August bull spread, the large traders remain bullish. With more than a month until first notice day for June, there is plenty of time for futures and cash to move to closer to convergence.
LEAN HOGS
Trade volume was moderate for Lean Hogs. Funds were mostly rolling from June into August. Tuesday traders were rolling out of June and into July on out. Currently, cash hogs have been slowly moving down. The CME Lean Hog Index is at $90.80. Yesterday formula and carcass priced hogs ranged from $88.71 to $90.03.
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