Live Cattle futures test new highs amid tight supplies.

Live Cattle futures found strong support to start the week, hitting recent highs as May placement data came in below broader market estimates. The tightening supply landscape continued to force aggressive action from packers, keeping Feeder Cattle futures elevated despite a relatively neutral on-feed report. Elsewhere in the livestock complex, Lean Hog futures stabilized as improved cutouts and solid demand offered a backstop to an otherwise oversold market environment, with traders keeping an eye on open interest concentrations at the 100 level.