Cash Cattle Market Ignores Rally
LIVESTOCK MORNING OUTLOOK
The cash cattle market has ignored the beef rally. Cash cattle prices this week are $120.00 to a few high Choice cattle scratching $122.50.
Beef Exports are poor. They may be poor because the US needs the beef. The Choice/Select spread is very wide now. Somehow the US will need to procure low grading beef and likely will keep beef off the export market.
Pork sales were disappointing Thursday. A minimum of 25,000 mt is needed. Mexico and Japan down for a week is no big deal. The Peso is strong and going forward it should encourage buying.
Packers are pushing hogs through the plants. Weights are dropping and next week weights could be off more as JBS finishes killing backed up hogs from JBS shut down.
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