Written Commentary
MORNING LIVESTOCK OUTLOOK
More important than Cattle on Feed Report was slaughter of 680,000 head and weights dropping. If feedlots can move cattle to kill, they will move them without hesitation. Packers continue to pay premiums for heavier cattle. At some point moving cattle at lighter weights is going to catch up.
Cash hogs during the week didn’t follow futures with the CME Lean Hog Index almost the same as it was a week ago. Futures trade volume has been light. Like to cattle, producers want to move hogs as soon as they are ready.
Export report showed sales at 24,100 were down but exports were in the average weekly range they need to be.
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