Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Lean Hogs reversed off highs made when markets opened Thursday. Daily pork prices dropped Thursday as bellies that had rallied fell 9.90 and hams were down 2.91. However, the 5 day average carcass price was $1.46 higher. Over the past week there has been price improvement on pork and it has been from loins, hams and bellies. These primal cuts need to remain the leader.
LIVE CATTLE
Packers started buying Thursday, They want to buy cattle lower with boxed beef prices down but feedlots are holding out for steady. It doesn’t look like packers will give in. Choice rib primals lead the market higher and lower and coming back after the July 4th break , they are leading beef prices down., but so are Select rib primals. Beef buyers are buying cheaper beef.
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