Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Traders are back to spreading cattle and hogs. Wednesday trade volume was very light. April Live Cattle Globex volume was just 15,633 contracts. June 2025 Live Cattle made a new contract high close for the third day in a row. Volume for June 2025 Live Cattle on Wednesday was 62 contracts and open interest as of Wednesday morning was 530 contracts. June made a low on January 10th at $179.95 and settled Wednesday at $184.07.
LEAN HOGS
February 2024 Lean Hogs are $5.12 above the CME Lean Hog Index. There is close to 3 weeks before February settles and prices converge. There is a lot of time for cash to go up or futures to come down. April 2024 Lean Hogs have widened the spread over February 2024 Lean Hogs. On Wednesday, April settled $8.15 over February.
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