Written Commentary
MORNING LIVESTOCK OUTLOOK
Choice boxed beef was lower Monday on a load movement that was only 85 loads. Boxed beef is weak and with increasing inflation it likely isn’t going to get any stronger any time soon. Choice primal rib sections traded under Select rib sections Monday and that is negative. Consumers are not buying expensive beef cuts and it is the reason Live Cattle were down Monday. Ground and Select beef aren’t able to support higher cattle prices.
Consumers are fighting high beef prices but if hogs and pork continue to move up, along with other prices to run and managed a home, they will fight higher pork prices. Currently, the most bullish part of hog prices is the lack of hogs. Numbers will increase and the market is letting us know they expect bigger numbers by the fourth quarter.
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