Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Volatility in Feeder Cattle is wild. On the open Tues the range in the first minute of trade for Nov feeder cattle opened at $335.05 and ranged from $331.67 to $337.27. Spreads are extremely wide.
Spreads continue to make up the majority of the trading in LC. From October 2025 to October 2026 live cattle are bull spread. October live cattle open interest on October 28, 2024 was 1,129 contracts compared to the current on October 28, 2025 at 1,665 contracts. October goes off the board on October 31st.
LEAN HOG COMPLEX
Since September 29th hogs have been in a steep downturn. For instance December lean hogs topped at $91.52 and closed Tuesday at 80.65 and below the 200 day moving average.
If US consumers have increased consumption it is due to cheapest pork such as products from trimmings.
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