Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Packers bought on their prices. If showlist producers didn’t want to take the price packers offered, packers moved on. For the packer leaving cattle has the benefit of adding pounds. A week ago the 5 day average negotiated steer weight was 1,449 pounds compared to current average at 1,467 pounds. US beef prices remain high but prices in Brazil and Australia are dropping.
LEAN HOGS
The CME Lean Hog Index was down $3.07 for the week. Compared to a week ago except for October Lean Hogs, from December 2023 into 2024 there was little change on Lean Hog futures. October Lean Hogs were down $1.52.
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