Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Lean hogs down Tuesday with several contracts making new contract low closes. August closed at 89.10 dropping to 89.02, the low made on May 26, 2023. October, December closed on a new contract low. The pork carcass was up Tuesday with bellies gaining 16.08 and loins up 4.07. Ham prices dropped 1.44 the lowest price over the past week. Ribs were up but butts down about the same with picnics down.
LIVE CATTLE
Volume was light to moderate Tuesday. June live cattle settled 17 cents lower. As of June 11, 2024 the 5 day negotiated steer price was $188.90. On June 11, 2024 June live cattle settled at $183.75. From August on out spec traders were bear spreading, widening spreads. Beef prices continue to gain.
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