Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
For 2 years live cattle futures were bull spread and were a strong indicator that cattle were in a bull market. On October 27th, bull spreads peaked and since have reversed. Going forward watch the spreads. Was the November reversal just speculators or are spreads indicating the bull market is over and cattle prices are going down.
Compared to last week, steers and heifers were too thinly tested to establish a trend, however a lower undertone was noted at early week sales and higher at later week sales.
LEAN HOG COMPLEX
Mexico has banned all pork products and the importing of any breeding stock from Spain due to the outbreak of African swine fever. In 2025 Mexico increased pork imports from Spain and now cancelling pork from Spain will likely increase US pork exports to Mexico.
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