Lean hogs

Live Cattle futures made closed at the highest level in nearly a month as we continue to move past the peak panic stage of Covid-19.
Over the past month, pre-market livestock markets are often quoted as limit-up or limit-down, altering early-morning order flow.
August Live Cattle futures responded well to Friday’s Cattle on Feed report in yesterday’s session.
In a normal market environment this would be a very bullish Cattle on Feed report, unfortunately we are in anything but a normal environment, so it’s taken with a grain of salt.
June Live Cattle future took some heat yesterday but manage to close off the lows; Aug. Feeder Cattle managed to rally into the afternoon session.
Livestock markets were all over the place yesterday as rumors of additional plant disruptions circulated, ultimately leading to selling pressure in the final minutes of the session.
While market participants see nothing but bad news while the market is closed, we were able to chew through that bearish sentiment and saw a more constructive trade yesterday.
Plant disruptions and a continuous flow of bad news weighing heavy on the livestock markets.
Cattle futures have been mostly untradable for the past month though yesterday’s session provided some great intraday opportunities.
We got through what has been the hardest day of each week for the past several weeks, Monday. We got a string of bad news over the weekend with regards to reduced capacity at a handful of packing plants through the Country.