Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
August live cattle had a key reversal Thursday but other months had outside day down. Trade volume was heavy. The past 3 days trade volume has be extremely heavy. But from October on out, the past 3 day’s settlements have been in a tight range. Large speculative funds have been the market movers proving since July is not a spot month, large traders take over.
The secretary of agriculture closing the Mexican/US border again was needed. The threat of NSW flies coming into the US is too great. With flies found farther north in Mexico, it increases the chance of the flies entering the US. The US cattle herd is already too small and just beginning to expand. The last thing the US cattle industry needs is to increase the risk of new world screwworm flies in the US.
PORK COMPLEX
Cash hogs and pork prices continue to slide. There has been one day since the July 4th break when slaughter wasn’t revised down. Ham and bellies, after breaking the last week and half, they have started to turn higher again.
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