Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
As August live cattle go into delivery next week, there is a difference between what happened when June live cattle went into delivery. August has less open interest. The difference between cash and futures is narrower for August compared to how it was in June.
PORK COMPLEX
Cash pork prices are losing to cash hog prices. The difference between the CME indexes has narrowed to $7.17. Packers keep revising slaughter because they have negative margins. Packers have been losing contracted pork orders. Packers are keeping slaughter down because they do not want to own pork inventories.
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