Written Commentary
MORNING LIVESTOCK OUTLOOK
Beef net sales were good at 21,500MT which is what it needs to average per week. No big buyer. South Korea took 7,300 MT China at 6,000MT and Japan with 3,500 MT.
It may take several months before stores significantly drop beef prices as boxed beef falls. Likely, stores will have specials on specific cuts. With the majority of beef contracted months in advance, retailers depending on previous pricing contracts likely won’t follow the same price drop in the daily beef prices.
The CME Pork Index is losing to the CME Lean Hog Index.
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