Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Pork prices were steady this week with the pork carcass close to the same as a week ago. Lean Hog futures made contract lows Thursday and Friday bounced off the lows on very light volume. Hog slaughter is increasing and with plentiful pork supplies and cheap pork it could be the factor that brings it off its lows competing against beef. Spreads are bear spreads indicating how traders feel about hogs going forward.
LIVE CATTLE
Extremely small number of head of cash sales last week. Cash prices up to $10.00 higher for the week reflect the number of cattle ready for sales. Actually cash hogs for 3 weeks have been rocketing higher. Steers sold from $180.00 – $186.00 and heifers at $183.00. Dressed prices were $285.00 – $290.00. With day after day higher prices for beef, and packers needing cattle especially the heavier cattle when they can be found, prices were bound to go up.
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