Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Friday’s Cattle on Feed report likely will show a few more cattle on feed. This year with increasing beef imports, increasing cattle imported for slaughter and more imported feeder cattle, the drop in Live Cattle futures Tuesday for October 2024 into 2025 was justified. As of morning sales on Tuesday choice boxed beef was down $3.79 from Friday. Unless retailers are going to increase buying the remainder of this week and early next week for Labor Day, it appears the need to buy beef for the holiday is probably over. After Labor Day, the need for beef begins to taper off.
LEAN HOGS
October lean hogs are $13.55 below the CME Lean Hog Index. It is going to be hard to break October even through there are many days until it. Traders will be looking at exports Thursday to see if the drop last week was just a one week lack of buying or if exports weaken into the 4th quarter.
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