Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Trade volume in Live Cattle was moderately active Tuesday and Live Cattle moved up to new contract highs. Boxed beef movement remains light on the daily market as packers have smaller numbers of cattle ready for slaughter and as weights drop. A year ago the 5 day accumulated weighted average for steers was 1480 pounds compared to recent weight at 1443 pounds and dressed steer weights were 954 pounds compared to recent weight at 941 pounds.
LEAN HOGS
Tuesday was another quiet trading day for June Lean Hog GLOBEX volume. Traders essentially erased Monday’s move higher. Currently, fundamentals are negative. Hog slaughter is going up, Pork prices are cheap. Packers have adequate supplies of contracted hogs and their own hogs. The positive side are very good exports.
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