Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
There were no surprises in the Cold Storage report. Storage is getting moved out for beef and pork because it is needed because of the lower slaughter for both cattle and hogs. The Cattle On Feed report was friendly for beef and with pork prices moving higher because of high beef prices, increasing consumption and light slaughter until there is an actual change in hog inventory that is proven for hogs and not anticipated as the June Hogs and Pigs reported, prices should be higher.
You look at the kill this week and if the tariffs are at 50% for Brazil, beef prices will shoot higher. It will be good news for feedlots that sell on the showlist. The cattle on feed report was bullish.
PORK COMPLEX
Pork prices have been moving higher and they should be! With record high ground beef prices and the hog slaughter down as much as it is, the price for pork is cheap.
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