Written Commentary
LIVESTOCK AM OUTLOOK
Boxed beef is getting knocked over the head day after day. Exports were very poor. Choice beef is losing to Select. Currently, beef prices are still very good, but cattle buyers are going to use a declining beef market to keep cattle prices from moving higher and as long as they try to make it look like there are enough cattle over the next few weeks and pushing that packers have plenty in feedlots.
Trade action Wednesday for hogs besides the July contract had to do with spreads August narrowed to October and December and now traders are narrowing Feb 2022 to April 2022. Exports on Thursday and traders looking for continued buying from China. Hams and bellies strong indicate Mexico has been buying.
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