Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Tuesday’s trade volume was light, the lightest since mid-July. The 5 day moving average was support and highs for October came within 12 cents of a new high with December live cattle into 2026 make new contract highs.
Feeder cattle made new contract highs Monday and then again on Tuesday.
PORK COMPLEX
Hog volume was light again Tuesday. Current CME Lean Hog price is $19.43 over October now that August is off the board. Spread traders have been bear spreading hogs and using lean hogs as the short leg of live cattle/lean hog spreads.
Packers have slightly increased slaughter, but with packer margins in the red, don’t expect packers to push slaughter more than is needed. With packers in the red, look for weights to increase.
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