Written Commentary
MORNING LIVESTOCK OUTLOOK
Traders are waiting to see if pork exports remain strong on Thursday morning. Last week there were strong exports at 34,300mt. Again Mexico took the most with 16,800mt, China at 10,100 mt and then exports drop with Canada taking 1,900mt. Japan, once the largest buyer of us pork didn’t take any pork for 2022.
It looks like too much Select beef is sticking around and probably for a while. Last week the grading percent dropped to 78.5% and beef sales are still moving a large percentage of Select beef. It is good for consumers seeing lower beef prices, but exporters want Choice and Prime U.S. beef. With the high U.S. Dollar, export countries can buy lower grading beef from countries with better exchange rates. The strong U.S. Dollar will help the fast food industry buy lower grading beef from outside the U.S.
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