Written Commentary
MORNING LIVESTOCK OUTLOOK
The trade volume on Live Cattle futures for the day after a Cattle on Feed report was super slow. August Live Cattle had moderate trading but other months were very quiet. With June Cattle under cash, traders would have had a difficult time pushing it lower and with the increase price in beef prices they added friendly tones to cattle.
Pork has been moving up on light sales. If packers increase slaughter, weights will drop and they don’t want that to happen because they won’t be able to meet orders on previously contracted pork. Last week, export net sales were 24,100 down from previous week but exports were in the average weekly range they need to be.
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