Written Commentary
Morning Livestock
Cattle fundamentals are giving two sides of the coin for traders to start out Monday. The Cattle On Feed Report was bearish. But on the other hand, Boxed Beef and cash cattle markets last week were higher and continued to gain in price all the way through Friday with packers paying as high as $109.25 in Iowa.
So much for the fresh belly rally. As of the Friday cutout, bellies are down $16.44 and for the week down $1.93. Cutout for the week was $1.42. Loins up $1.63. Packers are making money and want to push hogs through the plant now. Need to watch US Dollar. Cheap Dollar has been advantageous for Mexico to buy US pork Time will tell but expect to see fewer hogs into September through year end.
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