Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live cattle trade volume was light. Futures were higher as June traders are expecting cash prices to be at least steady. However, spread traders were obviously looking more into the future were bear spreading. Spreaders were also buying cattle and selling hogs
Beef prices are going up because very little beef is being offered on the daily boxed beef market. Over the past 6 days the average daily load movement has been 94.8 loads.
LEAN HOG COMPLEX
Pork prices were lower and sales were light. Hams have been up over the past 5 days and it’s likely export sales to Mexico. For the past two weeks Mexico has been a lighter than usual buyer and the cheap hams couldn’t be passed up.
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