Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Unlike a year ago when packers pushed kill with a larger Saturday kill after labor day, this year the Saturday kill was just 6000 head. During September if beef prices are lower as expected, look for packers to keep kill low at levels just enough to fill previously contracted beef orders.
Feeder cattle futures were down for the week as they followed a weaker live cattle trade. However, spread traders aren’t bearish with bull spreads widening throughout the week.
PORK COMPLEX
Pork prices are beginning to do better than hog prices and that is good for the packer. The difference between the CME Lean Hog Index and the CME Pork Cutout is back to neutral to positive.
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