Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
Nothing in the Cold Storage report is going to surprise the cattle or hog markets Tuesday. It is good to see beef and pork are not being pushed into storage. Cattle prices have been strong because slaughter is down and boxed beef prices have been moving higher with good demand for all primal cuts.
With cheap pork competing with high priced beef, pork sales in February saw a steady increase in demand . At the same time exports were good. Packer profit margins were also good and packers moved pork.
With Live Cattle down Monday, the Cold Storage report could reverse some of the negativity from the March 22nd COF report and the bigger placements.
April Lean Hogs are near enough in price to the CME Lean Hog Index so the Cold Storage report will have little effect.
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