Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle futures topped on July 25th to the 29th and futures have been bear spread. Volume up to Thursday was light but august volume has jumped. Friday volume for GLOBEX volume for October was 53,625 contracts, December was 29473. Volume increased 3 times from end of July into August. Funds are not “talking” about recession. Positions flipped from light volume buying to heavy volume selling.
LEAN HOGS
Pork prices over the week have moved higher. The 5 day pork carcass average as of Friday compared to a week ago was up.71 cents. However, most of the gain has been on bellies, up $11.59 . Fundamentally the bearish news for 4th quarter hogs is increasing hog numbers and the global market. It is expected that China will import much less pork.
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