Written Commentary
MORNING LIVESTOCK OUTLOOK
With cattle selling at $138.00 this week the lower cash cattle prices, the lower boxed beef prices and increase in slaughter had a negative affect for futures. Packers are pushing more beef into the daily beef market which is usually negative for beef prices. Add in consumers spending more for fuel and household supplies and services, red meats just can’t rally with the negative news.
Hogs were lower Wednesday and are now $10.92 off the high close on February 22nd. Volume was fairly active Wednesday. Traders are waiting to see how weekly exports did for week ending March 3, 2022. A week ago pork exports were at 42,200 MT with China taking 16,600 MT. Was it a one-time big buy for February as they refill storage after the Lunar New Year which typically sees a large buy or will China continue to buy US pork?
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