Cattle Prices Weaker
Compared to last week, Steers and Heifers sold 1.00 to 5.00 lower. The CME Cattle again this week, was weaker and has been pulling the cash prices for Feeders and Fed Cattle lower, with the most drawback on the front month contracts.
Pork cutout gained 91.17 over last weeks close. Big gains on hams up 35.66 Loins up 16 cents. As long as hams keep gaining, it is positive. Pork is a cheap protein and with cheap US Dollar it has been a bargain buy for exporters. Need to watch U.S. Dollar however. Has possibly bottomed but low last week could slow strong exports from last week. It is September and specs moving market with spreads.
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