Written Commentary
MORNING LIVESTOCK OUTLOOK
Stocks and equity markets tumbled around the globe after Russia invaded Ukraine. Consumers have been buying less expensive beef and buying more cheaper cuts and ground and processed beef. The US sells very little beef to Europe but in 2021 beef sales to Ukraine did increase by 95% but it was a small amount of 254 metric tons. In 2021 there were no sales of beef to Russia.
China has invested heavily into Ukraine hog production. For 2022 hog production the USDA projects Ukraine hog production up over 6%, the largest percentage of growth of all hog producing countries. Although production is quite low to the largest producing countries, the investments from Chinese packers and investors is something China will be watching. However, Thursday morning China did not condemn Russia and two weeks ago when Putin and President XI met, China said they would continue to take exports from Russia.
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