Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle trading started out Monday moving lower because traders felt placements down 7% were not in line with pre-trade estimates of 88.4%. Boxed beef prices starting out higher Monday on early sales. When there is only 28.57 total Choice loads, sellers are in the driver’s seat. Boxed beef was higher on afternoon sales. There are fewer cattle and with fewer cattle it is supportive to higher cattle prices.
LEAN HOGS
June and summer month are high priced compared to April. But with speculators controlling trade at this time, and volume moderate it is likely it will maintain the present trend. Slaughter is increasing and with packers working in the black they aren’t hesitant to pay up for hogs especially with pork prices up better than hogs. Pork prices remain cheap and on the global market pork demand is strong.
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