Written Commentary
MORNING LIVESTOCK OUTLOOK
Pork and cash hog prices have been steadily dropping. There are increasing global hog numbers. Expectations there will be more hogs in the U.S. going forward into 2023. For a year and a half hog prices have been high that encourages expansion. Kill has been increasing in the US, almost back to slaughter levels before COVID breakout.
Boxed beef regained some of last week’s losses on beef sales Monday on light movement. However, when daily load movement is low, it likely indicates packers are using the majority of beef to meet previously contracted beef orders and the small amount sold on the daily market is higher priced because there is such a small amount of beef available.
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