Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Trade volume was moderate Tuesday. June Live Cattle that go off the board at the end of the week settled 52 cents under the contract high close made on June 6th. The June August spread has August $6.80 under June, and the August/October spread has August $3.75 under October. With August discount, for now it will be hard to push prices a lot lower. Next week without a spot month speculators have control of trading. Markets are bear spread.
Hungry little pigs in pigsty.
LEAN HOGS
Kill is down and hog weights have dropped adding to the positive movement on pork. Add in cheaper pork compared to beef and the tone is friendly. However, beef buyers are now adding more Select beef to sales and the price differential loses some of the positive tone for pork.
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