Morning Ag Markets – Matt Hines
Date: June 28, 2023 Cattle futures were sharply higher on Tuesday, led by feeders with grains sharply lower. The back and forth or cat and mouse game between corn futures and feeders certainly continues to remain volatile. August feeders gapped higher at the open yesterday, the second such move in the past week and the fourth gap move over this past month. Fundamentally for cattle this week, cash fed cattle has already started trading with some light volume in KS & TX at $178 to $179 live, $1 to $2 lower than last week. Beef prices hitting their seasonal turn lower as buyers have fully booked and stocked for the 4th of July. Lean hogs continued cautiously higher yesterday and await some additional fundamental news…