Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
It appeared late last week and Monday that boxed beef was turning up. However, Tuesday afternoon Choice boxed beef, Rib, Chucks, Loins and Short plates lost their early gains. Trade volume was light for Live Cattle futures. August Live Cattle the contract with the most open interest had 16.956 GLOBEX contracts traded. This week is going to be a quiet week. With a 3 day weekend ahead and then a start of a new month next week which will also be a short kill week. Packers aren’t going to be aggressive buyers.
LEAN HOGS
Lean Hogs made new contract lows early Tuesday but reversed off lows with June and July remaining on new contract low closes but August, October and December slight above Monday’s close. June, July and August all broke through $80.00.
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