Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Cash cattle were higher last week on light buy. Cash in the Midwest was $1.00 higher with some cattle bringing $2.00 higher. Dressed cattle averaged $290 to $291.00 with several up to $294.00. Southwest cattle on light sales were steady at $181.00
The majority of feeders are previously contracted, the cattle available are still scarce, but it will change. There is a lot of forage this year and cow/calf producers from the mountain states , northern plains and Canada have had profitable years. Lighter feeder cattle will begin to show in larger numbers this fall.
PORK COMPLEX
As of October 13, 2024 the Lean Hog Index is $4.92 over the October contract. There is plenty of time before expiration and the need to converge, but with the drop in the cash hog market and the lower pork carcass price, look for the further correction in the Index. As hogs move from summer weather into the cooler fall temperatures, carcass weights will improve.
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