Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Thursday there was no follow through after Wednesday’s key reversal on August and October lean hogs. Trade volume was moderate. Without moving higher, new longs from Wednesday liquidated before the hogs and pigs report. The report was in line with the estimates. The March/May pig crop was 1% larger than estimates and there is a small increase in pigs per litter. The report indicates there are currently more hogs compared to a year ago.
LIVE CATTLE
June live cattle moved to $194.50, a new contract high on Thursday as futures chased the cash market. Volume was light to moderate. June live cattle go off the board today. August takes over as the lead month when specs become the most active traders.
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