Live Cattle futures spreads: Neutral-Bullish
- The October-December closed August at (-$1.90)
- as compared to the end of July settlement at $0.30
- with the previous 5-year average weekly close for the last week of August at (-$3.95)
- The December-February closed August at (-$1.90)
- as compared to the end of July settlement at $0.075
- with the previous 5-year high weekly close for the last week at August at (-$1.275)
- The February-April closed August at (-$1.50)
- as compared to the end of July settlement of (-$0.475)
- with the previous 5-year average weekly close for the last week of August at (-$2.925)
- Bottom Line: While the commercial view is not as bullish as it was a few months ago, it still is not bearish.
Feeder Cattle futures spreads: Bullish
- The September-October closed August at $4.425
- as compared to the end of July settlement of $8.425
- The October-November spread closed August at $6.60
- as compared to the end of July settlement of $6.225
- Bottom Line: Despite a strong round of commercial selling in the September-October futures spread during August, spreads continue to run near or above previous 5-year high weekly closes.
Lean Hogs futures spreads: Mixed
- The October-December closed August at $9.525
- as compared to the end of July settlement at $9.175
- with the previous 5-year high weekly close for the last week of August at $9.45
- Short-term supply and demand is Bullish
- The December-February closed August at (-$2.375)
- as compared to the end of July settlement at (-$3.025)
- with the previous 5-year average weekly close for the last week of August at (-$3.075)
- Intermediate-term supply and demand is Neutral
- The February-April closed August at (-$5.50)
- as compared to the end of July settlement at (-$4.525)
- and the previous 5-year low weekly close for the last week of August at (-$5.45)
- Longer-term supply and demand is Neutral
