Written Commentary
MORNING LIVESTOCK OUTLOOK
Beef net export sales at 17,000 mt . There were no big buyers. South Korea took 5,100MT China 4,500 MT and Japan 2,000 MT. Buyers have begun to book less beef for post 4th of July. Beef demand usually slips in July and August and will likely do it again this year with consumers concerns of inflation and high cost for most consumer purchases.
Tuesday, and again on Wednesday the CME Lean Hog Index was over the price of the CME Pork Index. This negative for the packer. Packers are paying more for hogs than how they can sell pork. Packers have to do it because they need hogs to fill previously contracted pork orders and for customers that depend on the packer having daily supplies.
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