Written Commentary
MORNING LIVESTOCK OUTLOOK
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August Live Cattle futures moving to cash prices. Last week cash prices in Midwest up to $129.00 to $129.50. Average steer price was $125.57. October 2021 Live Cattle to April 2022 narrowing spreads which is positive. High price in grain means high priced cattle beginning to happen. Live cattle finally breaking above pre-Covid prices.
It looks like a start of another week of trading when Lean Hogs are down one day and then up another day. But what’s happening traders are narrowing spreads. October is losing to December. Trade volume moderate on October but light on December going forward.
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