Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
As usual the beef market was lower for the week. By mid-October it should start to reverse. September through mid-October are a time when beef prices drop. With low on feed numbers and pitiful placements demand should increase going into the holiday times. Also on the bullish side, the US is importing less beef. Going into October and end of the year, fewer imports due to tariffs will begin to show.
PORK COMPLEX
Trade volume was light throughout the week with as lean hog futures prices dropped. Slaughter is increasing. Although there was no export report last week, exports have dropped for the year when slaughter for the year is down over 2 million head. Over the past 3 weeks weights are going up. The US needs a strong pork export market. It is doubtful China will be back buying anytime soon unless they increase variety meats. Mexico has new trade agreements with Spain and that will cut into US buying. Brazil is pushing hard throughout the globe to increase new buying and is being successful.
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