Live Cattle futures spreads:
- The April-June closed February at $3.875, a neutral read compared to the previous 5-year range
- $1.725 weaker than the end of January
- Indicating more cattle to be priced against the April futures contract (March and April timeframe)
- November placements were large at 2.266 million head
- December placements dropped to 1.796 million head
- The June-August closed February at $0.85, a bearish read compared to the previous 5-year range
- $2.575 weaker than the end of January
- Indicating more cattle to be priced versus the June contract (May and June)
- Larger placements during February
- The August-October closed February at (-$2.225), a neutral-to-bearish read compared to the previous 5-year range
- $1.85 weaker than the end of January
- Indicating more cattle to be priced versus the August contract (July and August)
- Larger placements during February
Feeder Cattle futures spreads:
- The March-April closed February at $1.975, a bullish read compared to the previous 5-year range
- $1.375 stronger than the end of January
- The April-May closed February at $1.875, a bullish read compared to the previous 5-year range
- $0.125 weaker than the end of January
Lean Hogs futures spreads:
- The April-June closed February at (-$11.35), a neutral read compared to the previous 5-year range
- $1.30 stronger than the end of January
- Indicating supplies were tightening in relation to demand
- The June-August closed February at (-$0.8&5), a neutral read compared to the previous 5-year range
- $1.675 weaker than the end of January
- The August-October closed February at $14.275, a bullish read compared to the previous 5-year range
- $2.875 weaker than the end of January
