Written Commentary
MORNING LIVESTOCK OUTLOOK
Live Cattle futures are range bound. There is trading activity during the day, but from the beginning of June using the August 2022 contract, the majority of the daily closes have been between $134.75 and $132.70. Live Cattle have mixed fundamentals.
U.S. packers are competing with global packers and this year global competition is beating U.S. packers. China has decreased pork imports and when the largest pork consumer backs away, countries need to find replacements. Covid was devastating to the U.S. hog industry but for producers that remained including packers that producer their own hogs, the liquidation because of Covid so far hasn’t meant a quick rebuilding.
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