Robin Schmahl

Cattle futures were able to extend their gains due to the expectation for no worse than steady cash trade this week. Hog futures tried to claw their way higher, but buying interest ran out with deferred contracts making new lows.

Cattle futures uncovered further buying interest with feeder cattle leading the way after an uneventful opening. Hog futures showed minor strength in the August and later contracts. Friday is the final day to trade the June hog contract.

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Cattle futures found support on the open. Plant closings and the New World screwworm have been taken in stride and deemed not bearish for the market. Hog futures fell back with the October through February contracts making new lows.

Resistance held and cattle futures set back. However, that may have been due to some profit-taking and not a change in trend. Hog futures struggled all day to post an increase, but could not find sustained buying interest as only August and October closed higher.

June live cattle futures stretched to a new high on Thursday as the discount to cash needed to be reduced. Other contracts did not show much strength. Hog futures showed little change except for the nearby July contract, as it needs to move closer to the index.

Cattle futures made a valiant effort to trade higher, but could not hold the gains. The nearby August contract made a lower high and higher low despite the large discount to cash. Traders continue to trade spreads, with bear-spreading taking place on Wednesday.

Cattle futures showed further weakness with traders showing continued disappointment over the weakness in cash and boxed beef. Hog futures again showed spread trading as uncertainty surrounds the market potential at the end of the year.

The cattle complex appeared to be struggling with new lows again on Monday. Some liquidation is taking place. Hogs held and continue to build support.

Cattle futures continue to struggle Thursday as demand remains lackluster and cash prices move lower. Hog futures show exceptional support as pork packers remain aggressive.