Cattle Market Outlook
Packers firmed up prices on Thursday from 50 cents to $1.00. Look for big Saturday kill. Live cattle steer weights have increased on 5 day average by 16 pounds. Packers want to kill cattle. Beef movement was light on Thursday with only 123 loads shown on daily cutout. Just a month ago moving 200 plus loads day after day. More than likely beef is being heavily forward contracted into fall.
Feeder Cattle are in demand. Contract Feeders and Packers that feed their own cattle need cattle to fulfill beef needs that were contracted months ago and for months ahead from now.
Trade volume was light Thursday. Around 12:45PM central time the trade volume on October Hogs broke 10,000 contracts. In the last 5 minutes to 1:00PM settlement as hogs sold off the highs, over 3000 contracts were traded.
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