Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Beef has had a significant move up during October. One question has to be how much beef has already been contracted for the holidays? Cattle are heavier now, which means there will be more beef going to products such as ground and processed products.
FEEDER CATTLE
Dryness continues to worsen across the country (near 80 pct of the country is in drought status) as the largest cattle states are heavily affected. Water issues in some of the driest areas of the state have been reported and there are some concerns about the lack of wheat for grazing which is a big sector of the fall market.
PORK COMPLEX
Lean Hogs on moderate volume were slightly lower Thursday settling off the past 3 days higher closes. Packers are making money, exports are very good and weights aren’t heavy. A foreseeable negative, open interest is likely getting out of hand.
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