Written Commentary
MORNING LIVESTOCK OUTLOOK
The last time June Live Cattle closed as low as Thurs was back in October, 2021. The trade did not take out the March 4th intra-day low at $130.97 but a close is where traders feel good keeping shorts or where longs didn’t want trade to go any lower. For August Live Cattle, the last time they were as low was November 2, 2021. October dropped to the 200 day moving average support.
The last time June hogs were as low was January 13, 2022. Packers on Wed adjust kill down 6000 head because with negative margins on daily market hogs, they aren’t going to push kill and pressure the pork market with extra hogs.
Net export sales were stronger than average but export reports unless they are significantly more or less are news from a week ago and have less baring on the market when a bit better than average.
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