Written Commentary
CATTLE
For most of Tuesday it was noticeable that spreaders were rolling August to October and a few to December. Trade volume up to the 12:50PM for August and October were nearly the same.
Year to date total US beef exports are down 1 percent. For May 2020 compared to May 2019 beef exports were down 31% according to the US Meat Export Federation. Year to date beef plus beef variety meat exports are down 3 percent. May 2020 compared to May 2019 exports are down 32 percent. Japan the largest buyer of beef for May was down 33% and South Korea the second largest buyer bought 20 percent less. For the year Mexico exports are down 21 percent. For May, Mexico were down 65.5%.
HOGS
Tuesday hams lost 9.08 falling below $40. Hams are cheap. Bellies are cheap and loins at 67.41 are cheap. Carcass lost 1.74 on Tuesday. Even at reduced slaughter pork hasn’t been able to generate strong buyers. Pork is selling as carcass and being trimmed out. Packers are making big money killing hogs.
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