Cattle Rallied in Moderate Trading
MORNING LIVESTOCK FUTURES OUTLOOK
Cattle rallied Thursday as spec traders continued the buying from Wednesday. Volume was moderately active with the majority trading on Oct and Dec Live Cattle as specs are moving from Oct to mostly to Dec. Boxed beef took a big hit to the downside Thursday starting with morning sales. Choice beef was down 2.65 and Select dropped 1.13. The only Choice primal that was up were briskets. Going forward for indicators beef prices could continue to fall are larger than normal load movement, and if the difference between Choice and Select narrows.
Lean Hog volume was light to moderate Thursday. Traders are mainly in Oct and Dec Lean Hogs. Trade volume from February 2024 on out was very light. Pork prices were lower Thursday with hams down 7.27 and bellies down 19.77 and now just 9.87 above $100.00. Loins over the week have are above the 5 day average but hams are down about the same amount of loins being a bit better.
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