Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle volume was light Thursday ahead of Friday’s afternoon Cattle on Feed Report. The difference between choice beef and select beef is narrowing with choice losing to select. This is usually a negative indicator. If there was any question last week’s boxed beef rally was due to memorial day demand, the drop in boxed beef rib and loin primals is the answer.
LEAN HOGS
June and August Lean Hogs are bear spread and above the cash market. The difference between the CME Lean Hog Index and the CME Pork Index around $9.00 is positive for packers. If it narrows to $7.50 or less, it is packer negative.
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