Written Commentary
MORNING LIVESTOCK OUTLOOK
Decent cattle exports with net sales of 23,700 net sales. South Korea remains best buyer in 2021. Friday’s futures trade could be a significant indicator. Technical lows were hit Thursday and these lows need to hold by the close on Friday as strong support.
As China said two weeks ago, they were in the market for pork. How much they will buy is the question but last week’s net sales of 16,300 is a start. Mexico was also a god buyer with 13,800 net sales.
The 5 day pork carcass average has been moving higher and it is positive to see it is moving up with loins, hams and this time of year bellies. Loins and hams make up 53% of the cutout.
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