Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Beef net sales were just 11,300 MT. The largest buyer if you can call it large was Japan taking 2,700 MT followed by China with 2,500 MT and Taiwan buying 1,700 MT. South Korea took just 1,600 MT. Exports over the past month are low, too low to help improve prices.
LEAN HOGS
Loin and Hams can’t maintain moves to the upside. Loins have broken $80.00 on the daily price and Hams are barely able to hold above $70.00. Exports have been the only bright spot for pork. Currently for 2023 the increase in the number of hogs and keeping prices from falling faster are active strong exports especially to Mexico. Unless another country steps up buying, Mexico with the strong Peso and with Mexico importing more pork from Brazil and the US to fight inflation is a key factor for the hog market.
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