Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle trade volume was moderately active Friday. It was about time that August Live Cattle were higher. Even with the lower cash market this week, the difference between cash and futures is wide with the Southwest at $186.00 – $187.00 and the Midwest at $192.00 -$193.00. On Friday packers bought just a hand full of cattle. Cattle imports are partly making up the low cattle inventory in the US. For the first half of 2024 cattle imports increased 19% compared to the first half of 2023.
LEAN HOGS
For the week the CME Lean Hog Index was off 73 cents. The CME Pork Index dropped $3.55 with the difference at $8.56. At his level packers are going to begin to fight any increase in hog prices unless pork starts moving up at a faster rate. As the summer heat moves to cooler temperatures, weights will increase quickly adding at least 5 to 6 pounds to hogs. Canada is increasing sales to the US the first half of the year imports from Canada were up 35%.
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