Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Compared to last week when trade volume was very active, Monday’s volume was light. June Globex volume was 13,808 and august Globex volume was just 17,605.
With the COF report at the end of the week, traders will be quiet especially for months October on out. Traders will also waiting for news on tariffs as the largest exporters/importers will be meeting and receiving letters on new tariffs.
PORK COMPLEX
Cash hogs and pork prices have been slowly and steadily moving higher but it isn’t doing packers much good as they are working in the red. The daily carcass price on Monday morning sales was at 101.79, an area over the past few months that has become a resistance level.
Traders will be watching if China and the UK begin to buy pork. China has been absent and if they come back and add variety meats and offal, it should add $2.00 to $4.00 on hog prices.
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