Written Commentary
MORNING LIVESTOCK OUTLOOK
Cattle industry needs to promote some of the positive aspects and stop some of the gloom and doom. Beef prices are not higher from a year ago unlike gas, the move in beef prices began during the COVID outbreak and have been slowly coming down. For cattle producers, the average price a year ago for steers was $123.07. Feed prices are far off the highs back in May and below the rally when the Russian/Ukraine war began. Packer slaughter is higher meaning consumers are buying beef or it is being stored, but regardless, packers are killing a lot of cattle.
Daily pork is improving in prices because there is a limited amount of pork for sale after contracts are filled. Packers want to kill more hogs but due to pork that is needed to fill previously contracted pork orders, they need hogs where primal cuts or carcasses meet the specific contracts weights and quality buyers expect. There is no grade on pork, but buyers do have specifications from fat to lean and weight of specific cuts.
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