Livestock futures wait for further declines for cash cattle and further upside for cash hogs. April 27, 2023
Though June live cattle futures did not make a new contract high, the close was right on the prior "best close" of this general uptrend. May feeders posted positive trade as it filled the upside gap on the daily chart and closed over that zone. The May posted its second best close of this general uptrend. August, now the dominant feeder contract based on open interest, posted a new contract high and new high-close. Lower corn pricing was a contributing factor.
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