Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Beef prices rallied into memorial day. Like Memorial Day, July 4th is expected to have record travel. If travel has a correlation to beef purchases, it explains the current beef rally.
LEAN HOGS
On light sales the morning daily pork prices managed to move up 2 cents. The 5 day pork carcass price also gained 2 cents. Hog prices are dropping as slaughter numbers increase and pork prices are dropping at a faster rate. The CME Lean Hog Index/CME Pork Index is narrowing and cutting into packer margins. This week traders will be closing watching the Friday morning exports.
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