OI In July Lean Hogs Fell
MORNING LIVESTOCK FUTURES OUTLOOK
Lean Hog futures were beat up this week. July 2023 Lean Hogs with the most open interest fell from last Friday, May 19th to May 26th. Pork exports are up in 2023 but they are up because pork exports in 2022 were too low. The first quarter of 2023 all pork exports were up 14 percent but compared to the same period in 2022 pork exports were down 20 percent. With more hogs in 2023, pork exports need to surpass 2022 exports.
Live Cattle futures made new high contract closes Friday and for the third day in a row. Volume was moderately active. With the 5 day negotiated steer price at $176.69 and June 2023 Live Cattle closing on May 26th at $167.35, the difference is $9.34. First notice day is the afternoon on Monday, June 5th. There is still plenty of time for June futures to move the gap closer between futures and cash.
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