Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Traders were bull spreading Friday in Cattle. Trade volume was active this past week in Cattle. Friday, the volume for June Live Cattle GLOBEX was 33,836 and total volume at 38903 contracts. June Live Cattle settled on May 5, 2023 at $161.92 , $12.90 below the 5 day negotiated steer price at $174.83. The spread between the lower futures and the higher cash cattle prices has been narrowing this week as it should, as futures move closer to cash , But with close to a month before June is in delivery there is still a lot of time for speculators to play the spread and it could widen again.
LEAN HOGS
Lean Hog futures took a big hit to the downside over the week and made new contract lows and new contract low closes June through December 2023. Trade volume was big Friday with June GLOBEX volume at 40,671.
Learn more about Chris Lehner here
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
