Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was active Friday and much of it had to do with increasing spec bear spreading and unwinding bull spreads. Large traders and funds have been absent since the beginning of the year. Trade volume increased this week with increasing open interest.
The US exports little beef to the Middle East so affecting exports won’t be a problem. However, rising gas prices will eat into consumers pocketbook. Beef likely will follow ups and downs of stock indexes.
LEAN HOG COMPLEX
Pork exports of 42,600 mt were very good and it was especially good to see the higher amount Mexico bought. Mexico is likely buying for easter which is on April 5th. In Mexico, Easter celebrations begin a week before and extend a week after Easter.
Cash hog and pork prices haven’t had big moves but they have had a slow steady move up.
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