Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
Slaughter last week dropped 13,000 from the previous week and was down 55,000 from a year ago for the date. Packers are moving more beef on the daily market and they are losing money.
Instead of high beef prices pulling pork prices higher in October, cheaper pork prices could pull beef prices down. And with cheaper beef, cattle prices drop. It is possible that the holiday’s in November and December there will be more hams, pork roasts and turkeys on the table versus prime rib roasts especially if the auto strike continues and if the government shuts down.
Friday’s hog market looked like a disaster for longs but it really was far from it. For the week October was down $1.20, December was down just 40 cents for the week and From February 2024 lean hogs were higher. For a day after a report volume was light.
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