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Has Pork Hit a Ceiling?



August Live Cattle on Friday  settled at $178.15.  The 5 day negotiated steer price is $185.56.   Next week, spread between cash and futures should narrow.  The high temperatures are and have been a big problem in the Southwest but feedlots are also very dusty raising concerns about health of cattle.



August Lean Hogs settled Friday at $103.20 and the current CME Lean Hog Index is $105.84.  For the week as of Friday morning sales the 5 day average carcass was up 78 cents. Loins were steady and bellies were what put the carcass price higher. Butts, Picnics, Ribs and Hams were all lower.  There often is a push for bellies for smoking during the summer with the increasing demand for bacon.  Unless loins and hams can break through the $100.00 barrier and  continue to move up, pork appears to have hit a ceiling.

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