Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
August Live Cattle on Wednesday settled at $178.67. The 5 day negotiated steer price is $186.33 .
Choice boxed beef was off 37 cents early and off 88 cents by the afternoon. The beef market is showing what buyers want and it is cheaper lower grade Select beef that was up $2.95 in the morning and 2.26 later. Buyers want cheap cuts moving away from the more expensive primals, such as Choice ribs and loin primals.
LEAN HOGS
In light volume, August Lean Hogs settled Wednesday at $101.65 and the current CME Lean Hog Index is $105.26.
Packers are taking as many hogs as they can that are of weight. Producer owned hogs have started to stabilize but packer owned hogs continue to slip lower.
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