Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Wide spread between cash average and August live cattle futures. Beef prices moving into a slow demand period, but lack of cattle inventory and weights dropping, beef buying likely to remain strong.
PORK COMPLEX
The difference between the CME Lean Hog Index and the CME Pork Cutout has been narrowing. Now at $4.60 it puts packer margins in the red. It is no wonder slaughter has been revised down every day as packers slow the kill attempting to offer less pork for sale and keep pork from dropping.
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