Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Cash cattle prices on Wednesday in the Midwest were down $7.00 to $8.00 lower with average price near 217.70 cash cattle in Kansas and southwestern states mostly $224.00 down $4.00. Packers continue to discount heavy cattle in the Midwest.
Traders need to be prepared if and when USDA Secretary Rollins or President Trump announce the quarantine of Mexican cattle is over. It could be in December.
LEAN HOG COMPLEX
Trade volume was very light Thursday. GLOBEX volume on February was only 15,300 contracts. Futures were higher as traders move futures up nearer to the higher CME Lean Hog Index.
The US Meat Export Federation released pork exports January through August. Total pork exports are down 3%, muscle cuts down -2% and variety meats -8%. Mexico was up 3%, China down 16%, Japan down 9%, South Korea down 8% and Canada was down 17%.
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