Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
It was a hard down week for live cattle futures, boxed beef, cash cattle and live cattle losing to hogs. The RSI on August live cattle moved to 17, August live cattle/August lean hogs at 22 and August live cattle. October live cattle 34%.
Next Friday July 24th is the cattle on feed report. With the steep drop in prices this week and last week there is likely to see profit taking. August live cattle futures from the opening on July 1st have fallen $14.00 and are deep discount to cash. Since June 16th, august live cattle lost over $31.00. August live cattle to October live cattle have narrowed over $5.00 since June 3rd but still remain bull spread.
LEAN HOG COMPLEX
August 2026 lean hogs are $6.55 over the CME Lean Hog Index.
July 2026 lean hogs went off the board at $95.17.
Over the past week the cash daily carcass price gained $3.89 but as the table below shows, the move is due to hams and loins and they are exaggerated moves. Hams and loins need to be monitored moving forward.
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