TFM360 Livestock 8-30-2023

Live cattle futures are lower for the week, after trading higher on Monday.
Supplies remain tight and the above normal temperatures should offer support.
Seasonally, cash prices bottom between the 1st and 2nd week of September.
Technically, it looks like the market may be rolling over and a close below $177.62 October would be bearish.

Lean hog futures are higher for the week with potential bullish reversals on all contracts through June 2024.
Seasonally, February futures rally from late August into early October, so that will likely be our next hedging opportunity.
Cash prices should find a short-term low in early September and rally into early October as well.

Eric Fransen