Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
October 2024 live cattle settled on September 26, 2024 at $184.10. The 5 day negotiated steer price as of September 26, 2024 was $184.27. Trade volume was moderate. December GLOBEX was 23,028 contracts. Over time, more hogs and cheaper pork will affect beef prices.
PORK COMPLEX
No surprises in Hogs & Pigs Report. A record number of pigs per litter offsets lower farrowings for June/August. The inventory is 1% more than a year ago and 2% more than June 2024. Neither are big numbers but they are increases so it is slightly bearish.
Friday, lean hogs to start out $1.00 maybe $2.00 lower. Next week look for traders to continue to bear spread hogs from December 2024 through June 2025. Both pork and hogs have been steadily working lower and packers have had to move more pork that isn’t previously contracted. However, they have positive margins and as long as hogs go down a little more than pork as it has been doing, it isn’t overly bearish.
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