Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE COMPLEX
For over 2 ½ years up through June 2026 cattle spreads have been bull spread which was a great barometer for direction. Now cattle spreads are moving into bear spreads.
Daily negotiated load movement has started to slowly increase. If it continues, it means less beef is contracted and more beef has to be sold on the daily market. Usually it is negative when this happens.
LEAN HOG COMPLEX
The current discount on October lean hogs is giving it some support, but most support is and has been coming from spread traders buying lean hogs and selling live cattle.
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