Written Commentary
LIVESTOCK MORNING OUTLOOK
Live Cattle futures are bull spreading. Spreads are favoring nearby months and gradually lower into summer, fall and winter. In other words, traders are more concerned now about the nearby and will ‘worry” about prices when the time comes. When it is time to liquidate the spread, they roll and in succession prices in time move up.
Pork exports were pretty good at 30,400MT. Mexico took two thirds of the net sales with 20,700MT followed by Japan with 6000 MT and Canada with 1,500MT. China reduced previous exports and was absent from pork exports. As expected, China’s purchase last week was to refresh storage because of pork moved before the Lunar holiday.
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