Written Commentary
MORNING LIVESTOCK OUTLOOK
Beef exports were dismal with 11,400 metric tons. Down 24% from a week ago and 34% lower on the 4 week average. Japan was the largest buyer at 4,100 metric tons followed by China with 1,500 metric tons.
Covid in China may be a part of the reason hogs prices are dropping but hog numbers increasing in China has more to do with lowering prices. China is importing less pork from the U.S., Brazil and the European Union.
Pork is competing with beef in the us. However, there will be increasing hog numbers in 2022 and with excess pork in the US and on the world market, hog prices will not maintain current price levels in the summer, through the end of the year and into 2023.
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