Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was moderate Monday. Boxed beef prices were higher on morning sales but total load sales were just 75 total loads.
Currently futures are bull spread but how long can packers keep killing with negative margins? Going forward watch for increasing daily sales of beef. Increasing sales indicates packers have less contracted orders which is negative.
PORK COMPLEX
Trade volume was light Monday with June volume just 20,320 contracts followed by July with 6684 contracts. Expect slow trading for the week as traders are waiting to see exports on Thursday. China has been out for the past couple of weeks. Mexico will be the key. The lower US Dollar should encourage Mexico to buy US pork .
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