Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Futures volume was light Tuesday. April Live cattle on GLOBEX traded just 17,247 contracts with June Live Cattle volume 7,497 contracts. April Live Cattle and April Lean Hogs traded close to the same amount of contracts indicating some quick spread trading. Cattle are recovering from the January winter freeze. Steer and heifer carcasses gained 7 pounds from the previous week and the grading percent was 1.1% higher.
LEAN HOGS
Lean Hog futures volume was light. April GLOBEX volume was 17,579 contracts about the same as April Live Cattle at 17,247 contracts. The pork cutout has been in a stagnant trade range and it hasn’t been a leader of late for fundamental traders making it easier for speculators to jump in and out.
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