Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Marketings of fed cattle during September totaled 1.70 million head, 2 percent above 2023. Placements were 2% above estimates. Cattle on Feed as of October a fraction above estimates and marketings were in line with estimates. 2 percent more cattle placed than estimates may be considered bearish to a few traders if compared to estimates but fewer cattle were placed. In my opinion, fewer cattle placed isn’t negative. Currently, the market is focused on demand because of the beef market and the strength beef has.
PORK COMPLEX
The CME Lean Hog Index for the week gained $1.36. The CME Pork Cutout Index gained $2.73. The difference between the CME Lean Hog Index and the CME Pork Index is widening. This is packer positive. Forr the week the 5 day pork carcass price was up 2.72. hams gained 5.29, bellies were up 8.19, ribs were up 5.12, butts were up 1.17. Loins continue to move lower and lost for the week 33 cents and picnics were off 1.56.
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