Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Boxed beef prices appeared to be topping earlier in the week. However, it continues to move up. But beef sales are small and a minimal part of beef movement. Packers have started buying cattle lower this week. So far, no posted prices have been in Kansas, Texas, Oklahoma or New Mexico and sales in the Midwest have been light. With the lower futures, sellers aren’t going to hold for higher prices.
LEAN HOGS
Thursday trading was all between July hogs and August hogs with light volume for months October on out. As of Thursday the July/August Lean Hog spread settled at 1.62 compared to Wednesday at 3.10. On June 9th the spread was 5.67. It is moving from bull spread to bear spread.
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