Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live Cattle trade volume was moderate Thursday with active spread trading. Traders were selling cattle and buying lean hogs after the spreads went to historic highs Wednesday. Since the day after the June Cattle On Feed report on June 23rd to Wednesday July 23rd the August live cattle spread/ August lean hog spread had live cattle gain $22.22 over August lean hogs. The spread was down $1.00 on Thursday with profit taking ahead of the 2 cattle reports on Friday.
PORK COMPLEX
CME Lean Hog Index on 07/22/2025 was 109.23 up .64 from previous day
Exports aren’t supporting US pork prices especially from Mexico. Japan, South Korea and Canada because they are taking more from Brazil and taking less and less from the US.
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