Written Commentary
MORNING LIVESTOCK OUTLOOK
Retail beef prices like boxed beef prices are going up. There are some reports of hoarding pushing up beef especially lower cuts such as ground beef taking place now because of the surge in COVID. At the same time, there are fewer cattle ready for slaughter and fewer cattle ahead.
Pork continues to improve. It is cheap when compared to beef and demand remains strong. The Lean Hog Index is $112.02, and the CME Pork Index is 123.53 compared to a year ago when the pork cutout was $69.34 there a good reason pork and hogs are at current levels. The US is killing fewer hogs and lighter hogs. The economy is better than it was a year ago and when compared to beef, pork is cheap.
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