Written Commentary
CATTLE
Volume has been light on live cattle and feeder cattle and futures have been trading sideways. Countless times since algorithms have become a major trader, light volume and lack of direction are triggers.
LEAN HOGS
Pork cutout up early Thursday. Loins and hams were both up. Exports were good. Pork is cheap especially if buying the entire hog like China has been doing. China bought record amounts of pork from January through April, dropped off in May and June but were still buying. Recently they stopped taking pork from a plant in Brazil and a plant in Europe. The US Dollar is well off its highs.
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