Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Labor day is the last of the 3 summer holidays. The economy is strong and unemployment is low. The July 4th holidays are the most active travel times. However, analysts are predicting Labor Day 2024 will surpass previous years at least back to 2019. With Australia and Brazil needing to increase beef exports in 2024 and the US according to the last cattle on feed report having 1 percent more cattle on feed, these currently appear to be the negatives for beef and cattle prices in August.
LEAN HOGS
With pork prices moving higher on the daily price sheet and load movement not getting larger with the increasing slaughter, it is probably showing good demand and coming a lot from exports. Hams and bellies are the strongest pork products. Expect to see this week another week of good exports.
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