Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Two solid weeks of exports are good. Both weeks are what beef exports need to average for the week.
Packers paid $175.00 Thursday up $1.00 to $2.00 or cattle purchased in Kansas, Texas, Oklahoma and New Mexico on Wednesday. In the Midwest cattle sold from $175.00 up to 177.50 with average prices $175.50. Dressed cattle sold up to $277.00 to $278.00 up $2.00 to some instances $4.00 higher from a week ago. Last week dressed cattle were mostly $275.00 to $277.00.
LEAN HOGS
February 2024 Lean Hogs are $5.25 above the CME Lean Hog Index with about 3 weeks before February Lean Hogs settle and prices converge. There is a lot of time for cash to go up or futures to come down. As of Friday, the 5 day pork carcass was up $1.08 for the week. The belly market was the reason the carcass was up with bellies gaining $14.51. Bellies are 16% to 17% of the cutout. Loins on the 5 day average were up 5 cents, Hams were down $4.91. Butts lost $3.16. Picnics were down 27 cents and Ribs were up $3.40.
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