Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
August live cattle on Aug 22nd closed $4.064 under the average negotiated cash steer price.
Cattle On Feed as of August 1st and Marketings in July were in line with estimates. Placements were on the high side of estimates, but placements are still down 6%.
PORK COMPLEX
Trade volume was very light over the past week. Traders are bear spreading hogs or selling hogs and buying live cattle. Cash pork and cash hog prices were down over the week.
There was less beef, pork and pork bellies in storage in July. Beef stocks up 1% compared to July 2024 is likely gone in August with August’s surge in beef prices.
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