Livestock Markets Lower
Boxed Beef movement on daily cutout is light but prices are improving. Beef is being forwarded contracted ahead of the mandatory reporting time. With wide spreads in Live Cattle between August and October, October and December… as markets near October on out unless boxed beef demand continues to gain, look for futures months from October on out to drop as beef buyers have already secured needs.
Lean Hogs came off Thursday’s lows on Friday and moved up to resistance. During July, August Lean hogs were up $2.97, October Hogs up .27 cents, December hogs $1.35.
For the week compared to previous week pork carcass was down 5.22 and up 2.19 from June. Loins over the past week lost 5.22 and for the month were up 78 cents. Hams were down hard from a week ago off 17.79 and compared to a month ago 7.37. Bellies up 1.00 from a week ago and up 12.60 from end of June.
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