Written Commentary
MORNING LIVESTOCK OUTLOOK
Choice Boxed Beef down $3.05 on fairly large daily movement of 202 loads. Down were Choice and Round primals. Larger percentage of Select also moved Tuesday. It doesn’t help the cattle market that at the same time cattle are dropping, hogs are dropping even faster. Consumers are price shopping and global consumers will buy the product best suited for their food budget
Reuters reported China is buying 40,000 mt of their own pork on May 13th. When China buys their own pork for storage, it eliminates pork they will buy from other countries. It puts more pork slated for exports to find a new buyer if China doesn’t buy it. The EU, Brazil, Argentina and the US count on exports to bring down stocks of pork.
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