Written Commentary
MORNING LIVESTOCK OUTLOOK
Beef net sales at 23,300 were down but if weekly sales were at this level week to week, it is what is needed. Actually exports were good.
Cattle are selling off because of the ongoing inflation, a possible recession later in 2022 or in 2023 and concern cattle can’t remain as high with negative financial news regardless of herd supplies.
China is starting to move commodities again but they are still backed up. Reports from Brazil indicate the Chinese slowed down because of Covid. Backing up sales could mean China will cancel exports from all global sellers and then global sellers will need to put cancellations on the world market.
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