Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Futures volume was light Wednesday. Traders are moving August up to be more in line with higher August futures. With the light slaughter, packers, like last week, are going to buy just the number of cattle needed. It is likely if feedlots in Kansas have cattle that fit plants in Nebraska they will pay high premium prices, $2.00 to $3.00 under Nebraska cattle compared to most Kansas cattle they buy closer to prices paid in Texas.
LEAN HOGS
The Lean Hog index to Pork index has pork at $11.87 has been quickly widening over the CME Lean Hog Index. It’s very good for packers at least for the pork sold on the daily market to the hogs they buy on the cash market. With cash hogs moving higher, it is also good for those producers selling on the open market.
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