Written Commentary
MORNING LIVESTOCK OUTLOOK
Inflation may be the number one concern, but it isn’t stopping people from buying beef. Boxed beef has been selling in the U.S. and so far in 2022 exports are good. Net export sales were 17,700 MT below the average that they should be around 22,000MT to 25,000MT. Japan was biggest taker with 5,600MT and China followed with 52,000MT South Korea took just 900 MT.
Pork net sale exports dropped last week and were just 16,700 mt compared to last week at 31,900mt. Mexico took 8,300mt and Japan at 4,700mt China was absent. The number of hogs available for slaughter will determine prices. Currently lean hog spreads indicate more hogs will be ready from December into 2023 and lean hog futures for these months are also bear spread.
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