Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Cutting hours slaughtering cattle took a big bite out of the kill this week. Slaughter was down to 583,000 head, 16,000 below last week and 349,005 head year to date. Boxed beef was up with the CME Boxed Beef Index gaining $3.37. Compared to a week ago March 1st, Live Cattle futures had very little change in price. April Live Cattle were down 85 cents, June Live Cattle lost 57 cents. Spec funds were the major activity for the week as they were rolling out of April.
LEAN HOGS
April and June Hogs lost with April down $3.55 and June off 90 cents. Most of the week’s Lean Hog trade was fund rolling out of April and buying June. Trade volume was light to moderate. With the CME Lean Hog Index $10.80 under the CME Pork index packers are making money and are keeping kill at levels that don’t overload the daily pork market with too much pork.
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