Lower Livestock Futures
Movement of beef has slowed. Consumers are buying lower cost meat cuts and watching what they spend. July is normally a slow time for beef and with high unemployment. The US is facing continued competition for beef exports and imports into the US. With the increasing weight and weekly slaughter above a year ago, it is hard to see markets moving higher.
Compared to last week: Feeder Steers steady to 5.00 higher, largest advance under 850 lbs. Steer calves steady to 3.00 higher, 5 weights up to 8.00 higher. Feeder Heifers and Heifer calves 2.00-5.00 higher. Demand very good for all classes.
Pork carcass started out Monday higher with hams gaining early 9.88 but by the end of the day hams giving up early gains and settled the day down 2.16. Bellies did the same. Early in the day bellies were up 9.89 but end the day down 2.98 cents. Loins ended the day down 95 cents. Movement was light to moderate and lighter than it has been over the past month.
China the first half of the year has booked in excess pork exports and has filled storage. Prices for hogs have been dropping. It is likely China has secured the storage they wanted to build since plans went into effect early 2019.
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