Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
If contracted beef orders in 2023 are as strong as in 2022 for holiday demand, packers will “fight” over cattle. Look for cattle futures prices to be up on the opening Monday $2.50 to $3.00 and could be limit up by the end of the day.
LEAN HOGS
The increasing slaughter pretty much tells why hog prices are down. Slaughter as of August 19th is 1,000,000 more hogs year to date. Friday’s pork sales were large and it appears that packers are dumping pork. Compared to a week ago, the 5 day pork carcass average is down $4.02. Loins, Hams, Ribs and Belles lower and butts and picnics up, the cuts likely supported for Labor Day.
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