Written Commentary
MORNING LIVESTOCK OUTLOOK
Traders will be looking for bigger slaughter during the summer. Since packers have inventory booked in June, it will be important to watch the weight of cattle. If weights continues to drop, and grading percent remains low, there may not be as many cattle as expected.
Year to date hog slaughter is 4.8% lower than the same period in 2021. However, a year ago the CME Lean Hog Index was $113.08 the Friday before Memorial Day.
US pork producers better hope and pray that Mexico keeps buying us pork. For the first quarter of 2022 Mexico has imported 38% more us pork compared to 2021 while total us exports are down 21%.
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