Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume Wednesday was mostly spreading with traders selling live cattle and buying lean hogs. Volume throughout the day on cattle and hogs was nearly identical.
Heat will affect feed conversion rates. Record breaking highs in the mountain states to the far Northern Plains, Montana and Wyoming, down into the high temperatures in the southwest where droughts and fires starting late February dried up grazing areas – that will mean lighter weights and smaller frames for feeders going into feedlots.
LEAN HOG COMPLEX
July lean hog prices have seen some improvement since June lean hogs went off the board at $92.52 . On July 15th when July lean hogs expired at $95.17. The CME Carcass Index was $96.47 in June compared to the current carcass index at $100.27.
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