Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOG COMPLEX
The Hogs and Pigs report is negative with an actual increase of hogs as well as 2% above estimates for all hogs as of December 1stat 101% . Kept for market was also 2% above trade estimates but kept for breeding was even with trade estimate. The number of pigs per litter was up again and a new record.
CATTLE COMPLEX
As expected trade volume was very light Tuesday ahead of the Christmas break. Cattle futures were lower as fundamental brokers brought up the closing of Tyson’s plant in Lexington, Nebraska. The reality of Tuesday, it was pre-holiday trading with many traders already taking a break and little fish took over the pond.
The strength in feeder cattle should remain strong at least into the end of the year as feedlots owners spend in 2025 for tax considerations and contract feedlots and packer owned feedlots need cattle.
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