Written Commentary
MORNING LIVESTOCK OUTLOOK
On feed numbers were larger as were placements because not many cattle are or have been put on pastures. There are 2 percent more heifers on feed because fewer are being bred.
It is difficult to say how the market will react on Monday. On the surface the CoF report is bearish, very bearish for feeder cattle. However, by the end of February and into March the news told of lack of pastures especially in the Southwest and West and the skyrocketing prices for hay.
CME Pork Index has been going up and higher pork prices moving at a faster rate than CME lean hogs is positive to the packer. It doesn’t mean the packer will share profits with the producer.
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