Written Commentary
MORNING LIVESTOCK OUTLOOK
Dow Jones Industrial average was down when cattle futures were trading on Monday, adding negativity to the futures market. Traders are convinced slaughter numbers will swell into June through August because of the big placements of the last Cattle on Feed report. There are reports indicating cattle prices could drop from $10.00 to $12.00.
Hogs lower on Monday as traders take premiums out of markets. The last time June hogs were as low was January 19, 2022. June’s low was $100.55 with the CME Lean Hog Index as of May 5th at $100.91. Trading below the index, it was natural to see some profit taking and to see June settle at $100.30.
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