Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Two more new world screwworm cases confirmed in Texas, raising state’s total caseload to four. The USDA is setting up 12 mile quarantines around the areas where the screwworm has been detected. Canada is banning livestock imports from Texas due to the spread of the new world screwworm.
Expect volatility. Formula trades are about movement and time on components set in formulas that have nothing to do with fundamentals.
LEAN HOG COMPLEX
Trade volume last the week was just moderate. June lean hogs were higher as the CME Lean Hog Index and futures moved closer to convergence with next week expiration. From July on out, spread traders were taking profits on spreads.
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