Written Commentary
MORNING LIVESTOCK OUTLOOK
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August Live Cattle futures moving to cash prices. Last week cash prices in Midwest up to $129.00 to $129.50. Average steer price was $125.57.
It wasn’t huge trading volume on Tuesday but both October and December Live Cattle contracts had active volume. There was some light selling on October with the spread between August and October $5.90.
Live and carcass weights on Monday’s slaughter dropped to 276.47 live and 207.35 carcass. This is on the very low pf the past two weeks range. With the revision on Monday’s slaughter, kill is off the first two days of the week 46,000 head. Cash hog prices are down and it appears packers are pulling contracted and formula hogs forward.
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