Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was light Friday with the majority of trading from August on out had spread traders selling live cattle and buying lean hogs.
Boxed beef prices were lower Friday morning almost all due to rib primals tumbling. Choice rib sections were down $30.79 and select rib primals were $10.65 lower. These two primals have 70% sold during the December holiday season and are favored exports to South Korea and Japan.
LEAN HOG COMPLEX
The Hogs + Pigs Report was close to trade estimates. All hogs as of June 1st slightly below the estimate but slaughter has actually been increasing with total year slaughter now just down 0.5% for the year, i will expect a revision on the next quarterly report. Pigs per litter continue to break records
There was little change in prices except for July as it converges closer to cash. The most notable difference for the week was August was lower as October on out were higher showing the traders were bear spreading.
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