Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Futures trade volume was active. April Live Cattle GLOBEX volume was 39,480 contracts. Traders are expecting spring beef sales to be strong with current low unemployment and to have fewer cattle in the spring. So far there have been no cash sales this week. Feedlots in the Midwest are asking $1.00 to $3.00 higher.
LEAN HOGS
Tuesday Lean Hog trade volume was light to moderate. April fell to the 20 day moving average closing below the 5, 10 and 200 day moving average. Support is $81.00 to 79.50 resistance at 82.50. Keep an eye on bellies and exports over the next couple of weeks. The surge in bellies could be exports and possibly the exports to China as bellies are a product used as gifts and popular at holiday dinners.
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