Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
The hogs and pigs report is June 27th and June is also the end of the second quarter. Large funds are moving to the sidelines until July. Liquidating futures and spreads taking profits was what happened friday. Lean hog charts in the 2nd quarter of 2024 showed a mirror image of 1st quarter. With June lean hogs going off the board, and with August hogs into 2025 having relative strength indexes in the teens on Thursday, a profit taking bounce was due on Friday.
LIVE CATTLE
Trade volume was active Friday. Notably over the past week spread traders were reversing bear spreads. However, live cattle from august 2024 through April 2025 remain bear spread. The COF report is Friday and futures have moved back to levels when the market broke before the March COF report. Heat is going to be a factor as temperatures in the Midwest will be in the mid 90’s with high humidity and in Texas over 100 with high humidity.
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