Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle traded lower after the open on Monday until 11:00am when the morning boxed beef report came out and showed daily cutout was up $1.35. With a week to go before First Notice Day, June 10th, the early morning low on June live cattle at $180.92 was too low especially with the strength in the boxed beef market and current cash cattle prices.
LEAN HOGS
June Lean Hogs closed at $93.65, the lowest price since January 24th, but it couldn’t break the lows of the past 4 days from $93.25 to $93.57. Hog weights are picking up. packers are keeping slaughter at levels where they fill previously priced contracts and limiting pork offered on the daily market.
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