Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Boxed beef prices were up Monday with demand on chucks for both choice and select indicating best demand is for cheaper beef. The hot weather across large portions of the US. and heavy rains in the northeast are keeping consumers from buying cuts where they are grilling outside. For the coming week packers will be pulling up contract cattle which could keep cattle from going up. By the second week of august, demand could increase if retailers need supply for Labor Day. Labor day is September 2, 2024.
LEAN HOGS
With pork prices moving higher on the daily price sheet and load movement not getting larger with an increasing slaughter, it is probably showing good demand and coming a lot from exports. Expect to see this week another week of good exports. The proximity of the US is a positive factor even with the strong dollar. With 2 days left in July it is likely Monday’s lean hog trade began as longs taking profits combined with stops and August lean hogs erasing the premium it gained over the CME Lean Hog Index.
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