Written Commentary
MORNING LIVESTOCK OUTLOOK
Thursday trading was purely technical. Live Cattle dropped to support levels on fairly low volume. Another below average week for beef exports. Net export sales were 14,100 MT. South Korea took 4,600 MT, Japan , 2,700 MT and China 2,600 MT. Beef net export the previous week were 16,600 MT. Three weeks ago they were 13,200 MT
Friday’s close will be important. Thursday’s downturn on hogs appears to be a technical break to support. But with the CME Pork Index narrowing to the price of CME Hog Index, packers are giving up profit margins.
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