Live Cattle (Cash Index): The futures market extended its major (long-term) uptrend to a high of $221.13 during May. Fundamentally, the market remains bullish, according to futures spreads. Theoretical Positions: Hedgers have likely been rolling put options up during the major uptrend and sold cash as needed.
Feeder Cattle (Cash Index): The futures market extended its major uptrend to a high of $302.41 before closing May at $299.30, up $3.20 for the month. Theoretical Positions: Hedgers have likely continued to roll put options up and sell cash (see Weekly Analysis).
Lean Hogs (Cash Index): The cash market looks to be in a major uptrend as the Index took out its previous 4-month high of $84.081 during May before settling at $94.128, up $4.554 for the month. Theoretical Positions: Cash hogs could continued to be sold when ready.
