Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
August LH is losing to October LH and October is losing to December. August remains bull spread to October however, the spread has been steadily narrowing as is October to December. Bouncing bellies were the strongest pork primal but there were gains on Loins, and hams. From Friday’s close, on Monday the 5 day carcass price gained 58 cents moving to $99.40. Loins have been steadily moving higher. Movement has been light on the daily market that is price supportive.
LIVE CATTLE
Boxed beef Monday was higher. Choice was up $4.38 and Select was up $3.01 with Choice for over a week gaining on Select with the difference $11.77. Sales were light with a total of 113. A week ago Monday, May 6th boxed beef prices were the highest on light movement and by week end. Beef prices were down. The price gain likely was due to small retailers restocking on good weekend demand with Mother’s Day demand and retailers buying for the upcoming Memorial Day on May 27th. Beef will need to be in stores no later than Thursday, May 23rd. Daily beef sales are from 0 to 21 days.
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