Live Cattle futures spreads:
- The April-June closed March at $4.15, a neutral-to-bearish read compared to the previous 5-year range
- $0.275 stronger than the end of February
- The June-August closed March at $3.625, a bullish read compared to the previous 5-year range
- $2.775 stronger than the end of February
- The August-October closed March at $1.25, a bullish read compared to the previous 5-year range
- $3.375 stronger than the end of February
- The bottom line is there was solid commercial support across the board in live cattle during March
- For whatever reason
Feeder Cattle futures spreads:
- The April-May closed March at $1.95, a bullish read compared to the previous 5-year range
- $0.075 stronger than the end of February
- The May-August closed March at (-$5.00), a bullish read compared to the previous 5-year range
- but $2.075 weaker than the end of February
- the previous 5-year high weekly close for this week is (-$5.20)
- The bottom line is the commercial side didn’t provide as much support to feeder cattle as they did live
- though selling was starting to be seen in the deferred May-August futures spread
Lean Hogs futures spreads:
- The April-June closed March at (-$7.55), a neutral-to-bullish read compared to the previous 5-year range
- $3.80 stronger than the end of February
- Indicating supplies were tightening in relation to demand
- The June-August closed March at (-$0.025), a neutral read compared to the previous 5-year range
- $0.85 stronger than the end of February
- The August-October closed March at $14.10, a neutral-to-bullish read compared to the previous 5-year range
- $0.175 weaker than the end of February
- The bottom line is commercial activity was mixed during March, though the fundamental outlook remains neutral.
