Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
The storm across the Midwest caused a much lighter slaughter on top of the past 2 weeks light slaughter and is driving beef higher. Choice chucks and round are pushing prices up. There is also demand for the cheaper select cuts that are narrowing the choice/select spread.
Feeder cattle prices remain strong. Contract feeders and packer owned lots that have feeders contracted at lower prices are making showlist feedlots buy up and pushing them out of the markets.
PORK COMPLEX
Pork prices are dropping fast. As of Tuesday the 5 day carcass average was down $1.18 at $89.08. Hams on the day price list did get some reprieve and were up $3.41 in the morning but afternoon sales they were a only up 9 cents at $77.28. Bellies gained 4.48. Ribs and butts are keeping the cutout from collapsing more than it has been doing.
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