Cattle Setting Back Into Support
MORNING LIVESTOCK OUTLOOK
President of Brazil announced negations with Chinese are in final stages and Brazil will begin to move beef to China before the end of November.
Going forward into the end of the year, cash and futures will depend on if there are enough cattle to meet the demand of the daily meat buyers. Beef is in the “holiday” mode. So far, over the past week the demand for beef has increased.
For the week the CME Lean Hog Index was down $4.13, the CME Pork Index was down $4.26 and negotiated cash hogs was down $4.11. Formula and future based hog prices are down as low base price continues to see lower prices.
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