Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Stronger exports weren’t much help for Lean Hog futures trading. But with June and summer hogs premium to cash, it is hard to get them energized to moving higher. Cash hogs have been slowly slipping down and aren’t benefiting futures. Packer margins have moved down and with the packers that also kill cattle, they won’t push hog slaughter.
LIVE CATTLE
Live Cattle reversed Wednesday’s downturn. Traders continue to bull spread. Spreads are differentials and not the price of the commodity. With a month before delivery, the futures may drop but with spreading a major part of trading, it is friendly to have bull spreading. Exports were also up 38% on the 4 week average.
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