Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE COMPLEX
The Goldman Sachs roll made up most of Wednesday’s trade, as traders sold December and bought mostly February cattle. Traders were also bear spreading cattle.
Beef imports are pressuring beef prices. For the week ending October 31st beef imports for the year are up 18% compared to 2025. Last week the imports were 40,389 mt that equals 2,226 loads at 40,000 pounds. Last week negotiated sales were 548 loads. It is easy to see why imports are pressuring US .beef prices. Since august 24th the CME Boxed Beef Index is down $23.52.
LEAN HOG COMPLEX
Reciepts are down. Indicating the cattle inventory in 2027 will be down. Of course many feeders are moved on private contract and receipts are not listed.
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