Written Commentary
MORNING OUTLOOK
On October 1st Dec Live Cattle settled at 125.00 the low of the move and reversed moving higher with high close Wednesday October 27th at 131.57. Spreads such as the Feb Live Cattle/Feb Lean hog spreads also made October 1st lows and October 27th highs. Thursday’s moves on cattle and hogs were fairly predictable at the very least for profit taking.
Boxed beef was higher Thursday afternoon with Choice Primal Rib sections up $14.10 higher than Wednesday. Going into November and December demand usually increases and demand should be strong going into the end of 2021.
Lean hogs reversed to the upside Thursday.
Pork export net sales above average with 29,500 metric tons Mexico was the biggest buyer with 16,900 metric tons with small purchases from Japan, Canada, South Korea and Columbia. China actually was negative cancelling previous purchases.
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