Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Live Cattle trade volume Monday and Tuesday has been light. Low volume moves should be suspect. December, February and April are bear spread. The coming week packers will be buying cattle for a short kill with labor day on September 2nd. They also will be able to bring up their own cattle and contract cattle the first of the month.
LEAN HOGS
Trade volume Tuesday was moderately active with profit liquidation mostly on spreads. October remains discount to cash but with over a month and a half before October expires and cash hog prices falling, there is a lot of time before markets converge.
The national holiday in China starts October 1 and is an official government holiday for 3 days. Past years have shown an increase in pork exports, but 2024 likely won’t be with a large pork and hog inventory in China and the EU and Brazil competing with the US for a big buy from China.
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