Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle futures were higher Friday catching up to where they settled a week ago. It wasn’t bullish, but traders during the week “playing” in a commodity without a spot month. As the table of weekly changes shows, Live Cattle closed pennies lower than last week. However, Live Cattle futures remain bear spread.
LEAN HOGS
Friday, July settled down at $99.00 as July Lean Hogs near to the CME Lean Hog Index at $96.07. Pork prices continue to move up. Some has to do with a lower slaughter and lighter weights and a lot has to do with pork has been and still is cheap. Loins and hams have climbed off the lows of May but loins at Friday’s daily price at 100.50 and hams at $96.02 are price competitive with beef and chicken. Exports are good and have been good since the beginning of the year
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