Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Boxed beef was again much stronger Monday, but what do you expect when sales were just 80 total loads that includes everything from Choice and Select rib and loin primals down to every blend of ground beef. Sellers have buyers over the barrel when so little beef is offered for sale. But when primals from rib, loin, briskets and rounds in all grades climb as they have been doing, it shows consumers are buying steaks to hamburger. Consumers may complain, but they continue to buy.
LEAN HOGS
June Lean Hogs were lower as futures begin to drift to the CME Lean Hog Index that goes off the board this week. The difference between June and the Hog Index is $2.89 with futures over the Index. August and October were the strongest months as traders were buying hogs and selling cattle. Traders are anticipating more cattle and feel pork during the summer will compete with beef.
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