Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was light with cattle higher but well off the highs off the day. Spreading had traders buying up front and selling on out. Cattle are bull spread. Also there were some spec traders beginning to roll April into June.
So far, there has not been cash prices made for the week.
With US increased population the cattle inventory at 75 year lows has more meaning.
LEAN HOG COMPLEX
Trading was moderate. There was some bear spreading taking place. April, the lead month, on the close was $7.85 over the CME Hog Index and $3.60 below the contract high made on February 4th. With the RSI at 59, the futures are far from overbought.
Cash hog and pork prices haven’t had big moves but they have had a slow steady move up.
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