Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Trade volume was active and higher. After nearing contract lows or making new contract lows on Tuesday, traders on Wednesday were profit taking and liquidating contracts. Since April 8th, July hogs have dropped as of Tuesday $18.10. Tuesday august lean hogs made contract lows and Wednesday traders were stepping aside. The hogs and pigs report is June 27th and June is also the end of the second quarter.
LIVE CATTLE
Boxed beef was down Wednesday. Most notable of late is a larger percentage of select beef is being moved on daily sales. As noted in previous report, this could keep the cash prices wide apart between a higher price paid for cattle in the Midwest and lower price for southwestern cash prices. Last week the difference was $4.00 to $5.00. In Texas, New Mexico and Oklahoma last week cash was the same price for all grades, weights and regardless if they were steers or heifers.
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