Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Live Cattle trade volume was light Monday. Funds have been on the sidelines and will wait for the 4th quarter and October to place positions, if they do. Fund trading has been light from August through September. The question going forward, what will they do the 4th quarter. October open interest as of Tuesday morning was 31,875 compared to Monday at 33,208.
PORK COMPLEX
Lean hog trade volume on Monday was light. Funds are mostly sitting on the side and will wait until October and the 4th quarter to trade. Watch the spreads. With the hogs and pigs report they should bear spread, December through April. The fewer breeding intentions and the weight break down of hogs should see traders bear spreading. Cash hog prices have been slowly moving down over September.
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