Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Trade volume last week was light to moderate. A large part of the trade was August live cattle moving nearer to cash trade. There was liquidation of bear spreads but markets remain slightly bear spread. The light slaughter especially over the past two weeks looks to have possibly put a low in for beef prices. With the lighter slaughter, the drop in boxed beef prices has been slowing.
LEAN HOGS
Thursday and Friday lean hog volume was light. August lean hogs are premium to the CME Lean Hog Index but with the stronger pork market, and cash hog market, futures are not out of line at $2.08 over. Packers pushed up slaughter this week with a 110,000 head slaughter for Saturday.
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