Written Commentary
MORNING LIVESTOCK OUTLOOK
As an indicator boxed beef may be near a top, the 5 day moving average is now higher than the current price But when sales were just 69 total loads and just 36 loads of Choice beef, it is an indication, not proof. A week ago Choice beef was $345.06 and Friday morning it was $345.69 with biggest drop in primal sections the Choice briskets pulling down the cutout.
Futures trading opposite of current cash hogs and pork markets. Spreads continue to bull spread. Upside gap on October 2021 Lean Hogs at $89.97 was filled Friday with October Lean Hogs closing the week at $90.72.
Pork exports at 24,100MT are the level they need to average week after week. Mexico came back this week, a good sign and they should remain strong through the end of the year.
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