Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Cattle on Feed numbers were in line with pre-report estimates. It’s positive for corn, wheat, and milo. The larger number of placements are put on feed earlier. 5 to 7 months from now Cattle on Feed will increase. For now, there won’t be much change.
Monday, the report will be focusing on outside news such as the extremely light slaughter, the wildfires, high energy costs and the index markets. JBS claimed they had cattle scheduled to plants outside of Greeley, CO and the low slaughter of the past week indicates they did not.
LEAN HOG COMPLEX
The pork market is running into resistance at current levels. Packers may decide to kill fewer hogs. Packers do have an advantage knowing the amount of pork needed to fill contracts. Pork sales often slow into April and May, if pork contracts are fewer, they won’t push kill.
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