Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Packers are pushing kill and it shows because weights have been steadily dropping over the past month. Packers are making money. Demand is slowly increasing. Loins and hams were up Wednesday leading the cutout higher and have been moving off lows of April. If loins and hams can continue to be the leader on a stronger pork market, it is positive as long as retailers don’t jack up prices.
LIVE CATTLE
June Live Cattle are trading discount to cash cattle. The 5 day average negotiated steer cash price at $177.94 is premium to June 2023 Live Cattle settling Tuesday at $169.12. Futures are trading $8.82 under the 5 day cash negotiated price with next Monday afternoon first notice day. Excess rains in parts of Texas is becoming a problem.
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