Morning Ag Markets – Pete Loewen 7/31/18
Sluggish start to the week for the meat complex. Live and feeder cattle futures traded some on both sides of unchanged, but finished in the red. Losses in the live market were just mild, but feeders had one contract down in the triple digits and a couple others pushing close to the $1 lower mark. Hogs closed lower on the front month August, but mildly higher across everything else, which was surprising given the fact pork cutouts were under very heavy pressure again and cash hog trade was sharply lower as well. In the last two weeks, pork cutouts have lost almost $10 and the bulk of the downfall can be attributed to belly primals getting hammered hard to the downside. Yesterday’s quote was $12.18…