Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Thursday cattle traders were bear spreading, along with rolling out of August into October and buying hogs and selling cattle. Volume was moderately active.
Packers bought cattle mostly 248.00 which was down $7.00 from last week. Dressed cattle were $393.00 down $10.00. Packers also are docking heavy cattle. Once again, the USDA is quoting Texas as “confidential”. Price discovery is slipping out of producer’s hands.
LEAN HOG COMPLEX
Cash hogs and pork prices are slowly creeping higher. The reason pork is higher is all because of hams and bellies.
Packers have learned adjusting slaughter is one way to keep margins from falling more than they have.
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