Written Commentary
MORNING LIVESTOCK OUTLOOK
Live Cattle didn’t have big moves this week but ended higher and it was obvious the market is bull spread. Packers didn’t seem to have any problems finding cattle with a slaughter of 661,000 head. One thing the COVID pandemic did for cattle industry, it moved more cattle from the producer showlist feedlots to various packer programs. It means fewer cattle will be on showlists, and more cattle under direct packer control and more feeders sold direct to feedlots offering long term buying programs.
Net sales at 13,100 MT are starting the year out bad for pork. Mexico took only 4,700 MT and Japan took only 3,500 MT. Similar to what has been happening in beef exports, countries are reducing exports. Pork exports need to be at least 20,00 MT to 25,000 MT. Traders were disappointed Mexico took a small amount just 4,700 MT and they were the largest buyer.
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