Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Lean Hogs were lower for the week. Lean hogs have wiped out the gains from the first of the year through April. Weights are up and there has been a slowdown in exports to Mexico. For the week the 5 day average showed hams were slightly higher compared to a week ago and loins are down close to $1.50. For the week pork prices were down. Compared to previous week’s the 5 day carcass average was down $1.08.
LIVE CATTLE
Since Memorial Day, the beef market shows that buyers want choice beef over select as the spread widens and specifically choice rib and loin primals. It could be for the July 4th push for beef. Daily beef sales are for 1 to 21 days and retailers because of the smaller supplies this year buyers are likely buying the primal sections made for steaks.
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