Hogs: Wholesale pork prices have lost 10% of their value in in just six days. Nationwide temperatures tell the story. Power outages and high temperatures on the East Coast are a problem right now. With wholesale pork tanking, and cash hogs barely falling, packers are in a bind. Look for them to curtail slaughter plans to help correct this situation…Rich Nelson
Cattle: The trade was expecting Friday’s employment numbers to suggest June would be another weak sub-100,000 growth month. Thursday's ADP survey of private market employment showed some surprisingly good numbers. We could see a bullish surprise from Friday morning’s Bureau of Labor Statistics release.
While that could give us good news for the beef market we are skeptical of that translating into extra beef demand. It is likely U.S. consumers have backed off much of their buying with this heat. Let’s hope the cooler temps coming this weekend restart some interest. For the short term, we are still in that sloppy process of finding a solid cash cattle bottom for the summer…Rich Nelson