Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE COMPLEX
Live cattle futures trade volume was extremely light Monday. Feedlots have gone to packer hedge programs and the speculators that drove open interest to highs in 2025 took their money off the board.
When President Trump announced on August 24th the tariff free imports of 300,000 mt over 90 days, it was the week before labor day, one of the strongest times for beef. From the increase in imports since august 24th , it appears to be working for cuts going to the grinders or to processors. The biggest benefit however are the sellers. Countries exporting the beef are lowering their stocks of beef and for Brazil who has had a drop in exports because China met their quota for 2026 and is slowing imports, Brazil can export to the US without a tariff.
LEAN HOG COMPLEX
Trade volume in lean hogs is made up mostly with speculators and spreading dominates the trading.
Hog prices are being pulled lower as pork prices continue to fall. Last week ago the national daily pork carcass price was down $1.68.
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