A Big Hit in Pork Cutouts
MORNING LIVESTOCK OUTLOOK
Steer and heifer carcass last week dropped 3.3 pounds. For 3 weeks weights were up and this was the first week weights drop. Grading percent improved to 80.3% but still remains low showing feedlots are moving cattle as soon as packers will take them or because packers need the cattle. Slaughter has been dropping and because of high temperatures cattle haven’t been gaining what they should be.
The pork cutout took a big hit Tuesday. The daily pork carcass fell -12.53 on the largest movement in weeks. Bellies were down -48.59, loins down -2.32, hams down -11.07, picnics down -6.84 and butts off -4.46 with ribs down 16 cents 42 cents. The big drop in bellies and the way loins have fallen over the past week, make it seem like loads were cancelled or rejected.
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