Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Thursday , volume was moderate. October live cattle were $1.42 lower. The volume is showing the big funds are still on the sidelines. Spread traders are making up most of the trading. Fundamental traders are expecting an October rally, but slaughter suggest packers are going to buy limited number of showlist cattle and keep slaughter down and let feedlots add weight to cattle.
PORK COMPLEX
Lean hog volume was moderately active on Thursday about the same as it was on Wednesday. Spec traders came into the markets Wednesday and left on Thursday. Going into October watching the price of loins and especially ham prices will be the main market movers for the pork complex. Ham prices dropped through September as Mexican exports fell off.
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