Robin Schmahl

The April futures contract is history, with June live cattle and May feeder cattle now the lead months. Cash trade remained exceptionally strong on Thursday, and any sales today will follow suit. Hog futures eliminated Wednesday's gains, making one wonder why the market ran higher in the first place.

Livestock futures rebounded. Cattle futures recovered some of their recent losses as some of the news circulating about the government looking into the beef industry has now been factored in. Hogs rebounded just on buying due to bottom picking.

It was a crazy day for cattle futures on Wednesday. Futures climbed steadily shortly after the market opened, with live cattle leading the way. Hogs posted a similar pattern with the price rally beginning at the open and rising sharply.

Live cattle closed higher on the week, but were not able to move to new contract highs despite strong cash developing. Hog futures closed the week holding just above support as supportive fundamentals remain elusive.

Feeder cattle provided support to the cattle complex, dragging live cattle futures higher. May feeder cattle go off the board on Thursday. Hog futures again moved in the other direction with no interest in spillover trading. June futures fell below support, potentially influencing further weakness.

Feeder cattle fell ahead of the report on Friday and rightly so as placements came in higher than expected. Live cattle held with an already discounted price to cash. Hog futures closed mixed as traders were not interested in pressuring the market much further.

Cattle futures had little negative reaction to the Cattle on Feed report. Futures tried to make a strong increase during the day, but ran out of steam. Hog futures took it on the chin again with deferred contracts under significant pressure.

Cattle futures found strong buying interest that remained throughout the day. The discount to cash may support the market. Hog futures bounced likely from the oversold status, but supportive fundamentals remain uncertain.

Cattle futures tried to hold gains and push higher on Thursday, but bullish traders finally gave up and prices declined. Hog futures were able to close in positive territory as a further correction of the oversold status took place.

The livestock complex closed under pressure on Friday. Cash cattle traded lower and cash hogs traded lower. Both cattle and hogs were lower for the week.