Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trading on Monday was slow considering it followed a Cattle on Feed report. There was a small amount of bear spreading from February through June. December cattle range wasn’t even $1.00. December GLOBEX volume was 18,945 contracts with February trading 11,473 contracts. The national retail federation expects holiday spending to increase in 2024 up 2.5% to 3.5%. With the present economy people spend money on the holidays. It will be good for beef sales for thanksgiving through December and New Years Eve.
PORK COMPLEX
Pork prices were higher Monday with all primal sections higher. After a week where slaughter was down 9,000 head from the previous week and 18,000 head fewer than the same period a year ago plus beef prices continue higher. From Friday’s last prices the 5 day pork carcass average was up 75 cents. Hams and loins are up and both prices over $91.00. Bellies have been gaining. Retailers are showing pork over the month. Pork specials and lighter kill are moving prices up.
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