Tuesday Midday Livestock Comments

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Cattle futures have fallen into lower territory at about mid-session, led by cash-connected sources. Trade was pushed higher out of the gate on a friendly cash outlook, but soon gave way to the cash-connected sell pressure and weakening bull spreads. Yesterday's lows were taken out and we look to test the lows of last week before finding any support. Beef prices were a little higher at midday, but on light volume. Weather looks ideal for grilling, so hopefully we see a good pick up in demand as we work through a good supply of cattle. If we see that begin to develop, I'd find it hard to resist buying June fats at it's current $4 discount to cash.

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