Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
More cattle on feed versus lower placements is what the report indicates. Last month the May placements were up 4% and in June down 7%. June is not a big time for placements. Monday, the higher number on feed should be bearish for August 2024 live cattle but with Aug 5th the first notice day and with cash cattle premium to August live cattle, next week will be more about what happens to cash cattle than futures. Cash cattle prices should drop again next week. Going forward, cattle prices will be priced how beef trades.
LEAN HOGS
The CME Lean Hog Index gained 62 cents compared to a week ago. The CME Pork Index gained $4.51 and the hog to pork index had pork up to $10.30 a gain of $3.89 and putting packers back into black margins.
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