Written Commentary
MORNING LIVESTOCK OUTLOOK
After the 4th of July often beef slides sideways to down. Probably no rush for packers to push kill this week and next unless the cattle are cattle they need to fill the specific orders. Currently, the best indicator for market direction is the bear spreading occurring in Live Cattle futures.
With the revision in the weekly slaughter, last week’s kill was 2,377.000, compared to the previous week at 2,440,000 and same period last year at 2,593,000. It doesn’t look like numbers will be rising any time this summer. Maybe by fall, but most likely not until winter if then. The shut down because of COVID a year ago and high feed costs are combinations for growth. Hog prices have been up since spring but so are feed prices.
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