Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
August Live Cattle pushed to new contract highs Friday but fell off to close .12 cents lower from Thursday. Friday’s trade volume was light. There are traders waiting for cash cattle to break as beef prices drop and others expecting prices to remain strong with the light slaughter.
PORK COMPLEX
Pork prices have moved higher over the week. The 5 day average carcass price as of Friday morning gained $2.46. Most of the move higher was due to bellies up $4.84 and hams up $7.43. Loans gained 49 cents. Picnics were also higher while ribs and butts were lower.
The higher pork prices came at the expense of packers daily revising slaughter down. For the week slaughter was down 31,523 head.
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