Sharp Drop in Pork
MORNING LIVESTOCK OUTLOOK
Although Friday was not a big technical move higher, Live Cattle closed higher and higher on the week and squeezed over weekly overhead resistance.
Cash hog prices are going down. Negotiated cash hog prices Friday had a range of $66.00 to 69.00. Formula ranging from 83.52 to 85.80. CME Lean Hog Index of 91 cents at 88.82 and CME Pork Index at 105.41 with 5 day pork carcass average at 104.52, down 1.14 from previous day. Every fundamental price is down for the day and week.
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