Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Wednesday, Live Cattle futures moved higher nearing cash prices. Live Cattle moved up to the levels of March 22nd, the day of the March Cattle on Feed Report. Spread traders were buying cattle and selling hogs. Since April 24th the June cattle hog spread has moved from $67.80 to Wednesday’s settle at $88.77. The August cattle spread moved from $66.22 to $84.12.
LEAN HOGS
Tuesday’s daily pork prices for loins dropped $4.60 and Wednesday on morning sales loins were down $2.70 and by the afternoon loins were 57 cents higher. Loins have been a major support of the carcass price. Butts were also down $6.37 Wednesday morning and ended the day down $3.77. Ribs were up in the morning $1.66 but by the afternoon down $8.26. It is another example why watching the 5 day average is more important than daily morning or afternoon sales.
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