Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Lean hogs ended mixed Thursday. Traders have put August lean hogs $3.00 over the CME Index and as live cattle were unwinding bear spreads, the live cattle/lean hog spreads were also unwinding. Trade volume was light. A good solid week for pork exports. Although they have dropped a bit from the first half of the year, pork exports are very good and are helping to support pork and hog prices.
LIVE CATTLE
Live cattle volume increased Thursday as spreaders were actively unwinding bear spreads and august moved up closer to cash prices. The last time August live cattle were as high was September 25, 2023. With the lighter slaughter, the drop in boxed beef prices has been slowing. There isn’t a good reason packers will try to increase slaughter.
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