For your afternoon livestock update, cattle runs held steady at 85K, with a slightly smaller Saturday run expected but we made good progress there this week. Unless there is a late surprise today or Monday it looks like the boxed beef high is pretty close to being in. Packers paid up this week, so I think it is a combination of progress in slowing cattle on feed down, and packers wanting to keep good will with feedlots and the DOJ for setting formula prices. (I talked to Bloomberg News about that today, you can look under their ag news later today for more discussion there if you want. Mostly I just want to name drop that Bloomberg uses me as a source)
Hogs improved more, and had yesterday's run revised higher, pork prices should stay sideways, but the belly run should be easing back soon. Two big plants are supposed to be back next week, which could help a lot. The big question will be how much of a hole this will leave on the backend, which could make things squirrely late in the year.