Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Yesterday’s Cold Storage Report showed beef has been moving. It’s no secret because even high prices for beef didn’t slow demand as much as it was anticipated. In 2023 it was expected to drop US consumption by 4+ pounds per capita and consumption dropped just 1.5 pounds. The trade has seen some consumers shifting from higher priced cuts to lower priced beef. With fewer cattle being killed and demand in may strong as consumers shopped for Memorial Weekend. Since Memorial Day, beef prices have remained strong going into the 4th of July.
LEAN HOGS
Before the Hogs and Pigs Report, it was likely Lean Hogs would bounce off Tuesday’s lows. It happened Wednesday. For Aug and Oct, there was a key reversal. July didn’t make a key reversal. Volume was moderate.
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