Live Cattle Opens Higher
Livestock AM Outlook
Monday, if Live Cattle follow strength in US stock indexes, they should be higher. However, higher stock markets are going to be what reporters can use for a better market. Underlying support comes from packers making big bucks and the demand for boxed beef.
Boxed beef is moving. Consumers are buying up ground beef and processed beef on concerns of escalating COVID 19 and retailers are buying high cuts like rib sections ahead of holidays.
Slight improvement in the pork carcass from a week ago. Of course if hams were to dump anytime, with 75.00 to 80.00 loins it would probably go downhill fast. The emphasis is on hams and loins because they make up 50% of the cutout. Mexico remains the week after week consistent best buyer and strong Peso could insure Mexico buying until it breaks.
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