Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle had an outside day down helping to confirm the reversal on June 7th. Volume was just moderate with August Live Cattle volume 27,879 contracts. Boxed beef movement has been light. Packers are going to buy just enough cattle to fill previously contracted beef orders and the few orders for the daily market.
LEAN HOGS
Lean Hog trade volume was light Wednesday. Light volume moves especially like the big prices moves higher on Wednesday should be suspect. Pork prices are moving up. It isn’t because of the lack of hogs but pork is competing with beef especially with cheaper grade beef and lower priced primals and ground beef. Pork is cheap.
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