Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
On active trade volume Tuesday, Live Cattle futures closed lower. Choice boxed beef on morning sales was down $1.20 and down 78 cents in the afternoon. Cash cattle buyers started out early this week buying cattle. There is a big spread between cattle sold in the Southwest at $172.00 and cattle in the Midwest at $178.00 to $180.00. Lower beef prices have packers pricing cattle lower this week. Lending to the negativity Tuesday, when Live Cattle closed the day, the Dow Jones Industrials were down close to 400 points.
LEAN HOGS
Butts, Ribs and Hams were up on pork sales Tuesday bringing the carcass price up 1.61but with total pork cut movement at 277 loads, the small amount of pork for sale on the daily market should be better on the limited quantity offered. Packers revised Monday’s slaughter down 10,000 head and Tuesday’s slaughter was light at 459,000. For the Monday and Tuesday hog slaughter compared to a year ago for two days is off 49,000 head.
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