Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Fund traders are rolling out of April into June. The convergence of the 5 and 10 day moving average is support around $187.00 and 189.00 is resistance. April has been up to resistance 7 times since February 21st.
Final results for January 2024 beef exports are out. Beef Plus Beef Variety Meat Exports were down 1% from 2023. Muscle cut exports were down 4% and beef variety exports were up 12%.
LEAN HOGS
Most of Thursday’s Lean Hog trade was fund rolling out of April and buying June. Trade volume was light to moderate.
January pork export final results are finally out. Pork Plus Pork Variety Meat Exports were up 6%. Pork exports were up 6% and variety meat exports were up 7%. Mexico was largest buyer up 6%. South Korea up 53% and Japan was down 1%. China was down 23% on all pork and down 54% on pork exports.
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