Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Futures trade volume was active Monday. Futures didn’t make new highs and trading mostly were speculators profit taking on bear spreads and some hedging in 2024 near contract highs. U.S. beef exports are dropping. All beef exports including variety meats as of the end of July were down 11%. Muscle Beef cuts were down 13% and Variety meat exports were down 5%.
LEAN HOGS
Lean hog trade volume was light Monday. Spec traders, like Live Cattle, were unwinding bear spreads from December 2023 on out. October closed pennies higher up 12 cents as the morning pork market moved up but the daily pork carcass price up $5.75 or the 5 day carcass average moving to $100.17 did little to generate new bulls. As of Monday the CME Lean Hog Index was trading $3.68 over October Lean Hogs.
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