Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle closed just pennies higher and it certainly isn’t following the surge higher in boxed beef. Since Friday’s close, Choice beef is up $12.20 on Wednesday and Select beef gained $10.14. Memorial Day buying should be very good as consumers are spending money this year on largest travel for the holiday in over 20 years.
LEAN HOGS
Rains in Brazil slowing slaughter for pork and poultry for 2nd week. Also rains and flooding roads from feedlots slowing movement of cattle from feedlots to packers. The Mexican Peso has recovered from the steep quick decline in April. The Japanese Yen continues trending lower. The US Dollar is slowly dropping.
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