Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle trade volume was light on Friday. Cash is over futures for cattle in the Midwest and grading Choice and Prime but with cattle going through the heat in the Southwest. Buying is a take it or leave the cattle on feed.
LEAN HOGS
Lean hogs closed lower for the week except for August that was up $1.07. From December into 2024 Lean Hogs are bear spread. The October/December spread is bull spread but it has narrowed since high close on June 31, 2023. Daily sales have been light even as slaughter has increased. Either packers and purveyors are holding and storing but more than likely there are more hogs and pork that have moved to contracting.
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