Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
The Lean Hog Index to Pork Index has pork at $11.59 has been quickly widening over the CME Lean Hog Index. Packers look like they have figured how to put profits in the black – cut slaughter and force pork buyers to pay up for pork. Hams have been a main driver of the rally and it is very likely they are for the export market particularly Mexico. The question has to be how long will Mexico keep being a big buyer.
LIVE CATTLE
It is too early to say if Tuesday’s trading was turn around Tuesday or if traders were reversing bear spreads. Volume was mediocre. The 5 day negotiated steer price on July 23rd was $193.92. August Live Cattle futures settled July 23rd at $186.30. It was about time August moved up.
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