Market Commentary

Live Cattle futures recovered to end the week as traders waited for cash trade for the week and this afternoon’s Cattle on Feed Report. Feeder Cattle futures were sharply lower on Thursday and recovered some of those losses today as the CME Feeder Cattle index has found support. Lean Hogs traded to the lowest levels in two months as the managed money has been exiting the complex. Corn futures finished the week with small losses after recovering from the lows set early in the week.

Live Cattle futures have opened higher both days this week as cash expectations are for higher money. The CME Feeder Cattle index was quoted higher for the first time in over three weeks today, but is now at a discount to the March futures contract. Lean Hogs have turned in a quiet start to the week while the pork cutout remains supported. Corn futures finished the day mixed after a sharply lower day yesterday as traders worry about trade relations with China.

Live Cattle futures finished the week slightly lower as end of the week profit-taking brought selling at the end of the day. Feeder Cattle futures finished mixed as the nearby contracts continue to stay in line with the current cash fundamentals. Lean Hogs finished lower each of the final three days this week despite the pork cutout pushing to new highs this week. Corn futures had a volatile week and posted highs early Sunday night as crude oil continues to trade in big ranges.

Live Cattle futures have began the week with extreme volatility as outside factors weigh on the market while the fundamentals surrounding the complex actually improve. Feeder Cattle futures have also been volatile as the Corn market and equity markets have seen big swings. Lean Hog futures posted new contract highs in the deferred contracts as the nearby contracts stay in line with the current cash markets. Corn futures turned in one of the biggest ranges in recent history yesterday as the complex continues to follow an extremely volatile crude oil market.

Live Cattle futures fought off the negative outside influences most of the week but finished sharply lower today. Feeder Cattle futures turned in one of the most volatile weeks in recent history and could not fight off the higher Corn market. Lean Hogs posted new contract highs in the deferred contracts this week as the pork cutout continues to be supported. Corn futures finally found bullish momentum and followed the crude oil market higher this week.

Live Cattle futures have been under heavy pressure both days this week but battled back to finish each day higher. Feeder Cattle futures have also had a volatile start to the week but held at some long term support levels. Lean Hog Futures finished the day mixed following the deferred contracts testing contract highs today. Corn futures have failed to solidify any direction, continuing to digest the war news and watch the crude oil markets.

Live Cattle futures finished the week sharply lower and helped move the cash trade lower. Feeder futures have erased over $18 in the last 7 sessions and finished the day at the lowest levels of the year. Lean Hog futures finished the day mixed but ended their streak of higher closes. Corn futures enjoyed the higher wheat market today and pushed to new highs for the move.

Live Cattle futures finished the day mixed as cash trade has yet to develop and outside influences have created headwinds. Feeder Cattle futures finished the day higher, breaking a three-day losing streak. Lean Hog futures have now finished higher six days in a row and have recovered over half of the losses from the beginning of the month. Corn futures posted new highs for the move yesterday but have been unable to find additional support since.

Live Cattle futures finished the day lower ahead of today’s Cattle on Feed Report. Feeder Cattle futures also finished lower despite the CME Feeder Cattle index posting a new all-time record high. Lean Hog futures finished higher each day this week as the cash fundamentals continue to be supported. Corn futures have found support from the wheat market the last three days and finished the week on a positive note.