Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Tuesday’s trading mostly consisted of fund rolling. Tuesday was last day of the Goldman Sachs roll. Volume on June live cattle was 42,260 and august volume was 43,345. August now has the most open interest as spec funds now will be more active in August on out and hedge traders will remain in June.
Boxed beef moved to new highs. All choice primals were higher as load movement remains low.
PORK COMPLEX
Rolling was the main trading Tuesday with the last day of the Goldman Sachs roll. But traders are expecting fewer hogs during the hotter summer months,
The big question will China increase buying pork with the tariffs put on a 90 day hold? It wouldn’t be out of the question if they increased exports for late summer and into October with discounted prices and build up for fall festival.
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