Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Traders are bull spreading Live Cattle and Feeder Cattle. Volume on Friday was moderately active and highest volume day for the week. April Live Cattle traded 31831 contracts with June at 15,845 contracts. Last week February and April Live Cattle were higher with June Live Cattle into 2025 lower. As traders unwind spreads, they will sell April combined with trades from equity fund longs such as Goldman Sachs and unwind nearby shorts such as June.
LEAN HOGS
For the week hog slaughter compared to last week was down 63,000 head. Compared to the same week in 2023 slaughter was up 69,498 head. Year to date slaughter is up 51,063 head. Compared to the previous week pork prices are improving. All primal cuts were higher. Hams had notable gains up $5.24. Loins gained 70 cents.
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