Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
With good employment levels beef usage should remain at least the same as a year ago for the holiday season. Beef wholesalers and brokers have historical data from past sales. Contract buyers should have the majority of beef already contracted. Increased beef imports in 2024 will also weigh on prices.
PORK COMPLEX
Lean hog trade volume is light. Tuesday, the range of trade for December was only $1.02. February only 80 cents. Light volume needs to be watched for reversals. The daily movement of pork is a minuscule amount of the pork moved. Exports are up in 2024 and it helps to reduce the additional supply of hogs. Estimates for 2024 have US consumption up 1.5 pounds and exports up 5%.
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