Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
August Live Cattle settled Friday at $180.67. The 5 day average negotiated steer price is $185.17. There have been no deliveries for August Live Cattle. Cattle futures were higher this week with boxed beef higher and moving higher after a friendly Cattle on Feed Report. Time will tell if higher boxed beef was due to last minute buying for Labor Day or due to falling cattle numbers.
LEAN HOGS
Early Friday spec traders moved Lean Hogs higher and with the lead month October Lean Hogs, spec traders have easier opportunities to move markets. But when morning pork prices were released and the daily pork carcass was down $10.55, loins down $3.55, Hams falling $4.70 and Bellies down $53.78, traders needed to liquidate the early move higher on Lean Hogs. There should be some reality to futures and cash.
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