Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle trade volume was moderately active Tuesday as prices rallied. The stronger beef prices gave bullish cattle traders positive news to be buyers along with the discount futures are trading to cash. August Live Cattle on Tuesday settled at $179.50. The 5 day negotiated steer price is $184.91.
LEAN HOGS
August Lean Hogs settled Tuesday at $104.12 and the current CME Lean Hog Index is $106.00. Hog weights continue to drop. Compared to a year ago negotiated producer hogs are down about 3 pounds, packer sold hogs down 6 pounds and packer owned hogs down about 9 pounds.
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