Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
August Live Cattle on Friday settled at $178.15. The 5 day negotiated steer price is $185.56. Next week, spread between cash and futures should narrow. The high temperatures are and have been a big problem in the Southwest but feedlots are also very dusty raising concerns about health of cattle.
LEAN HOGS
August Lean Hogs settled Friday at $103.20 and the current CME Lean Hog Index is $105.84. For the week as of Friday morning sales the 5 day average carcass was up 78 cents. Loins were steady and bellies were what put the carcass price higher. Butts, Picnics, Ribs and Hams were all lower. There often is a push for bellies for smoking during the summer with the increasing demand for bacon. Unless loins and hams can break through the $100.00 barrier and continue to move up, pork appears to have hit a ceiling.
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