Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Cash sales in the Midwest were active Wednesday buying for a full week after the July 4th weekend. Prices for cash cattle were 231.50-233.00 and dressed 364.00-372.00 in Iowa. Kansas sold cattle at 220.00 and no reported sales in Texas. Prices mostly steady with packers in the Midwest docking for lower grading cattle.
PORK COMPLEX
On Wednesday the difference between the Lean Hog Index and the pork cutout index narrowed to $5.76. It is kicking packers. Slaughter is up from a week ago because of the short week. Day after day slaughter has been revised lower. Packers know what buyers need because most pork is contracted. It is likely contracted pork orders are being cancelled as more pork is being sold on the daily market.
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