Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
October 2024 live cattle settled on September 24, 2024 at $183.20. The 5 day negotiated steer price as of September 24, 2024 was $184.23. Choice beef has gained over the past 2 days and cattle bulls are talking that a 4th quarter rally is beginning. But the CME Boxed Beef Index has been down. Now, it is a bounce off the lows of last week when choice broke $3.00.
PORK COMPLEX
Trade volume was light again on Tuesday. Funds are waiting until the Hogs and Pigs report. The pork market hasn’t done much. Corporate producers are short hedged and will remain short. Sizable speculators have been sidelined the month of September.
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