Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle volume was light Friday ahead of afternoon Cattle on Feed Report. Many traders have their computers off this week and will wait to trade next week after the report. Futures gained this week but remain below cash cattle. With 2 weeks before first notice day, the indication with June bull spread to August is for a higher market.
LEAN HOGS
The difference between the CME Lean Hog Index and the CME Pork Index around $9.00 is positive for packers. If it narrows to $7.50 or less, it is packer negative. Pork prices were down for the week. As of the morning cutout, the 5 day carcass average was down from a week ago by $1.28. Bellies were up $2.01. Hams were down $3.89. Loins were off $1.79. Butts, picnics and ribs were down for the week.
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