Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was very light Thursday. Spread traders reversing the Live Cattle/Lean Hog spread was a big part of the trade. There was some profit taking after Wednesday made contract high and traders trading the lower beef market, but with the average cash steer price $13.77 over live cattle futures, traders wouldn’t break it hard.
PORK COMPLEX
Pork exports have been disappointing. January through may exports were down 6 percent. South Korea, Japan and Canada were strong buyers up to a year ago, but the US has lost market share to Brazil. It isn’t all price. Most countries want more fat and cover on pork compared to US pork.
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