Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
If cash cattle are $1.00 lower, it would bring cash and June LC futures nearer to a convergence. Since Memorial Day the beef market shows that buyers want Choice Beef over select as the spread widens and specifically Choice Rib and Loin primals. It could be for the July 4th push for beef. Daily beef sales are for 1 to 21 days and retailers because of the smaller supplies this year likely are buying the primal sections made into steaks.
LEAN HOGS
Lean Hog futures closed mixed. Futures were becoming oversold Wednesday and to have a slightly higher day Thursday for June through August was bound to happen. The 5 day pork carcass average is slowly slipping lower mostly because loins and hams have been moving down.
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