Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle trade volume slowed down Mon and was slower Tuesday. August Live Cattle delivery is about 2.5 weeks away and speculators have a lot of time to move August up or down before delivery. August Live Cattle on Tuesday settled at $181.27.
Record highs in the Southwest are not just slowing cattle, they are retarding growth. For many cattle, they will be finished with bigger frames but unless kept on feed for several months after it cools, many will have a hard time grading low Select.
LEAN HOGS
Lean Hog futures have been trading in a choppy sideways pattern since the July 4th break. After traders took profits at the end of May, getting out of shorts and liquidating the short legs of cattle and hog spreads, as the market rallied in June, volume has not been what it was.
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