Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live cattle prices have dropped since Labor Day which was expected especially after the historic runup in prices going into the Labor Day weekend. The holiday is always a big time for beef from hamburgers to steaks. But beef topped which was no surprise and over the past 2 weeks it is settling back off the historic highs. However, there are the late year holidays and parties that drive beef prices higher especially the most expensive cuts.
PORK COMPLEX
Hog volume was moderate Tuesday. Traders pushed October to a new contract high, then reversed late in the session and took markets to support levels. The October/December spread continues to widen and easily could widen more with futures as of the close Tuesday $8.56 under the CME Lean Hog Index.
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