Written Commentary
LIVESTOCK AM OUTLOOK
Last week was sort of like pre-COVID times. Packers bought a few during the week but essentially waited until Friday to bring more money to buy cattle.
Unless boxed beef prices turn down hard this week, feedlots will be asking for more and they likely will get it. Last year grain prices were beginning to move higher in the fall, but many feedlots had feed needs purchased at cheaper prices and they packed on pounds. Now with higher feed costs and high costs into the winter and spring, feedlots are wanting to move cattle as soon as they are ready and this includes contract feeders.
Pork prices picked up last week. Price fluctuation on individual primals was like a yoyo especially hams, but the pork carcass on the 5 day average did improve by $1.65. Year to date slaughter is down 2.0% for the year. Weights since September have been steadily creeping up which shows packers are killing the hogs they need to fill orders and not pushing lines hard.
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