Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle trade volume was light Wednesday. Prices reversed from Tuesday’s up move essentially giving Tuesday’s gains back. August Live Cattle on Wed settled at $178.02. The 5 day negotiated steer price is $184.76. Choice boxed was lower Wednesday after a big move higher Tuesday. Daily movement is such a small part of all beef shipped from the packers that volatility has become the norm rather than the exception.
LEAN HOGS
Hog trade volume was light Wednesday as Lean Hogs closed lower. No support was broken. For August and October, the uptrend is in tack. For December on out, they remain in the same sideways pattern beginning mid-June. August Lean Hogs settled Wed at $102.67 and the current CME Lean Hog Index is $105.90.
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