Written Commentary
LIVESTOCK OUTLOOK
Look for cattle futures to see a fair amount of profit taking Friday. June is below cash and recent sellers will likely take profits ahead of the afternoon Cattle on Feed Report.
Surprised to see Netherlands as the big buyer of beef. The Netherlands has bought US beef in 2020 and some in 2021 but barely enough to fill a thimble. Like many countries in the EU, it buys mostly from South America, Australia and New Zealand. Now two of those countries have halted or only will allot beef according to previous agreements.
Slaughter average carcass weight on Monday were 211.42 pounds which is getting lighter. Kill is being adjust down. Demand is strong and there are fewer and lighter hogs.
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