Morning Ag Markets – Matt Hines
Date: June 29th, 2020 Cattle futures were mostly flat for the week while lean hogs continue to make new lows. Negotiated cash feedlot still falling with live trades reported from $93 to $98 and dressed $153 to $156, both $2 to $5 lower than the week previous. Weekly export sales were friendly for both beef and pork and remain the key to pushing through the backlog of slaughter ready cattle and hogs. The quarterly hogs and pigs report was also bearish with all hogs and pigs as of June 1st at 79.6 million head, up 5% from last year and up 3% from last quarter. Breeding inventory, at 6.33 million head, was down 1% from last year, and down 1% percent from the previous quarter.…