Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
August Live Cattle on Monday settled at $178.05. The 5 day negotiated steer price is $184.91. Monday, August 7th is first notice day. Now, it appears there is going to be a repeat of June Live Cattle with cash above futures and feedlots especially in the Midwest selling cattle as soon as packers will take them with the wide basis.
LEAN HOGS
August Lean Hogs settled Monday at $104.12 and the current CME Lean Hog Index is $105.81. August and October Lean Hogs were higher with October Hogs back to April 4th prices. August moved up to March 15th , the day prices broke leading to a 3 day steep decline. Total volume was light. Pork prices were higher Monday.
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