Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
The COF report is in line with estimates for cattle on feed and placements. Marketings were 1% off the estimates. Monday, traders are going to be trading recent cash beef and cattle prices. How beef prices are falling, the big drop in cattle prices since the end of January and the reaction to stocks on wall street. With cattle coming from Mexico, placements should increase ahead.
PORK COMPLEX
Packer margins dropped to negative over the week as hog prices were up on the CME Lean Hog Index $3.16 and the CME Pork Cutout Index dropped $3.87. Pork prices on Friday on the 5 day pork carcass price a week were 97.71 compared to a week ago at 100.17. Loins on Friday were $86.98 compared to the 5 day average at 86.04 and hams on Friday were $88.31 compared to the 5 day average at 87.66. Bellies for the week on the 5 day average dropped $19.71.
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