Written Commentary
LIVESTOCK AM OUTLOOK
Friday’s future trading was light as traders were evening positions before the Cattle and Feed Report. Cash markets were over except for a few buys on Thursday.
The Cattle on Feed report confirms there will be less cattle. The US needs fewer cattle because the US is exporting fewer cattle and for the few independent producers that sell on the showlist, it will or should help give some bargaining power when packers can’t pull on contracted or their own cattle.
Hard to say if Friday’s futures trade was up because Hogs and Pigs Report was friendly or up on profit taking after getting knocked hard from a week ago. August Lean Hogs were down $6.90 for the week and for the month $16.45 or $20.77 of the June 7th high close. Volume was light especially the day after a report.
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