Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
With the price downturn in lean hogs, the report of 5 year low prices for beef in China, the outlook of increasing beef imports to the US, heavier cattle, and consumers shifting to lower priced beef products. However, the December Cattle on Feed report had placements down 2% which is friendly.
PORK COMPLEX
The pork cutout helped to show why lean hogs are breaking. Loins on Tuesday’s were down to $79.25, hams were $87.06 compared to last Friday’s price at $99.73 and bellies at 120.50 compared to last Friday at $123.88. With the lighter slaughter over the past week and a half, load movement has been big indicating sellers are dumping pork.
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