Livestock Markets Lower
Rally on Tuesday’s Live Cattle market took place with futures trading under cash markets. Monday August Live Cattle the most active month fell to $94.35 on light volume and Tuesday specs took in shorts on the open and pushed August higher at on point limit up. But without remaining limit up, specs also took day profits.
China making all food coming into country declare it is COVID 19 clear. If not they will stop companies from sending it as they are concerned about the virus spread. They also have stocks and supplies.
Tuesday pork cutout was lower on big movement. Both loins and hams were down with butts and ribs up likely last minute buying for July 4th home smokers. Picnics were down and bellies fractionally higher. When 50% of the carcass, hams and loins, are losing, it is negative.
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