Written Commentary
MORNING LIVESTOCK OUTLOOK
An indicator there is less beef available is how packers are paying extreme top prices for some cattle in the Midwest. The 5 day average for all steers in the US for the 5 days of last week was $139.47 yet there were some loads that sold for $144.00, not many but packers needed the cattle or they would not have paid as much as they did above the market.
Traders will be focusing on tomorrow’s Hogs and Pigs Report. Expectations of traders are for a smaller herd with just a very slight increase kept for breeding. With high feed prices, independent small producers that raise hogs and grow feed, even with high hog prices, will likely choose to sell grain over putting it through hogs.
Monday trade volume was light and today and tomorrow, expect it to be light again.
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