Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
August Live Cattle on Monday settled at $179.70. The 5 day negotiated steer price is $186.78. As it did in June, the wide difference between cash and futures will encourage feedlots to sell especially in the Midwest.
LEAN HOGS
Pork prices are changing very little. The 5 day pork carcass average Monday was 114.37 down 31 cents from Friday. Loins and hams backed off last week and are the two products that need to be monitored going forward. Similar to the cattle market, packers are not going to push slaughter higher unless they see increasing daily pork prices or increasing exports. Over the past month exports have been slowing down.
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