Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle trade volume was up Wednesday from Tuesday but still just moderate with the majority of trading on August as traders moving August up and bringing the discounted futures nearer to June Live Cattle and nearer to the average 5 day steer price at $182.90. August Live Cattle settled at $173.87. June Live Cattle go off the board at the end of the week settling Wednesday at $179.62 narrowing the difference between cash and futures.
LEAN HOGS
August Lean Hogs are discount to the latest CME Lean Hog Index and discount to the current national negotiated price at $94.51. August Lean Hogs settled at $91.10. They are also discount to July Lean Hogs. Spreads will be a good barometer of direction for hogs and cattle during the second half of 2023. Pork net sale exports were 26,700 MT. staying around the past few weeks sales. Mexico was largest taker with 15,100 MT followed by South Korea at 4100 MT then Japan at 2600 MT. China was absent.
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