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Trade Volume Was Active Last Week

MORNING LIVESTOCK FUTURES OUTLOOK

LIVE CATTLE

Traders were bull spreading Friday in Cattle.  Trade volume was active this past week in Cattle. Friday, the volume for June Live Cattle  GLOBEX was 33,836  and total volume at  38903 contracts.  June Live Cattle settled on May 5, 2023 at $161.92 , $12.90 below the 5 day negotiated steer price at $174.83.  The spread between the lower futures and the higher cash cattle prices has been narrowing this week as it should, as futures move closer to cash , But with close to a month before June is in delivery there is still a lot of time for speculators to play the spread and it could widen again.

Cows grazing

LEAN HOGS

Lean Hog futures took a big hit to the downside over the week and made new contract lows and new contract low closes June through December 2023. Trade volume was big Friday with June GLOBEX volume at 40,671.

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