Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Wide spread between cash average and August live cattle futures. Beef prices are moving into a slow demand period, but with low cattle inventory and weights dropping, beef prices are likely to remain strong.
Lower grain prices may have helped feeder futures Monday, but the recovery was based more on the recovery of last week when the USDA announced the re-entry of Mexican feeder cattle.
PORK COMPLEX
The difference between the CME Lean Hog Index and the CME Pork Cutout at $3.74 puts packers deep in the red. It is no wonder slaughter has been revised down as packers slow the kill attempting to offer less pork for sale and keep pork from dropping.
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