Written Commentary
Live cattle futures closed higher on moderate volume trading. August Live Cattle closed at $103.02 with a week before deliveries. Last week cash cattle in the Midwest were selling from $102.00 up to $102.50.
Feeder Cattle futures have rallied back to March 2nd. Feedlots that feed for packers or on some form of contract need to replace inventory.
Pork cutout starting Monday morning with big move higher but on light volume. By the afternoon the cutout was up 1.47, $6.09 off the morning sales. Hams reversed from being higher in the morning and by the end of the day were down $8.01 and bellies although up 8.68 for the day were down $16.19 from early sales.
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