Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Volume was very active Monday. Globex volume on June live cattle was 56,819 contracts.
At this time watching how spreads move over the next few weeks will be a better monitor for market direction than watching futures. The big drop in open interest Friday was partly due to long liquidation as traders moved out of April ahead of 1st notice day or outright liquidating longs and sitting aside. What happened during covid is taking place again.
PORK COMPLEX
Hog futures dropped limit Friday. Traders reacted to the falling financial markets with China, the second largest buyer of pork retaliating. From the first tariffs President Trump placed during his first term, US exports have not increased however, China has increased buying from Russia and other countries and Chinese investors have increased investments in hog growing facilities in other countries.
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