Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle futures were higher Monday. Volume was light to moderate. Spec traders are most active in June and from August on out, volume was light. Beef prices continue to move higher on light daily sales. Have to wonder when consumers will become even more vocal about high beef prices. Compared to 2023 the beef prices that are increasing the most are the cuts that were lower a year ago, chucks, rounds, briskets, plates and flanks and Select primals.
LEAN HOGS
July, August and October made new contract highs Monday. Open interest on the 3 contracts close to the same. Cash hogs have been steadily moving up and so has the pork cutout, and the difference between the two has remain steady. Packers are making money and when it comes down to it, when profits are positive they will push hogs through the kill. But it is noticeable, they keep the movement on daily pork sales at levels that are low depending on sales of previously contracted orders.
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