Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Monday live cattle trade volume was light. Futures were higher but regaining the losses of Friday, with beef prices up and beef prices going into a seasonal up move, traders are looking for proof beef will continue to move up. This time of the season consumers are buying cheaper beef such as ground beef and wholesalers will buy the high end primals filling needs for Thanksgiving through year end.
Expect to see more feeder cattle coming in November. Other than the mountain states and northern plains, feeders have been held longer as prices rose and grass and more than plentiful cut hay was available. Fall weather has been close to ideal without much rain or cold temperatures.
LEAN HOG COMPLEX
Seasonally pork prices move down from now into the end of the year, but with the drop in October, prices have moved lower likely ahead of the normal break and likely due to the drop in exports. The CME Lean Hog Index to futures is wide with cash hover futures. Futures are also bear spread, but have narrowed.
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