Hogs Broke Down From Highs
MORNING LIVESTOCK FUTURES OUTLOOK
Choice boxed beef prices continue to fall, actually tumble and are being taken down as Choice primal ribs and Choice briskets fall the most. Last week primal loins broke. Choice beef is also falling faster than Select. August Live Cattle made a significant daily low on June 21st at $168.10 and made a new contract high Thursday, July 20th at $182.97 for August. The 10 day exponential moving average was the low for August through February 2024 and closing prices either on or above the 5 day moving average.
Hogs moved up to highs where they broke down. Volume was light on August, moderate on October and light for December on out. Closing above Thursday’s highs would be significant. Spreaders have been buying August and selling October, bull spreading
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