Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
For a day after a Cattle on Feed report Live Cattle futures trade volume was quiet. This week trading will likely be quiet with trading at the end of the month and end of the third quarter. Cattle slaughter was down last week and it is not all due to fewer cattle. Boxed beef prices are dropping, but cattle weights are higher.
LEAN HOGS
October Hogs were unchanged. Traders were bear spreading December through April Lean Hogs and they were buying lean hogs and selling Live Cattle after the cattle/hog spread on Friday went to new historic highs.
Nothing in the Cold Storage report from August is going to do much for cattle or hogs a week away from October.
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