Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
The Secretary of Agriculture from Mexico and US Secretary Rollins are going to meet to discuss allowing Mexican cattle back to the US. Several analysts feel she will drop the quarantine.
President Trump is to meet with President Xi expecting changing the high tariffs to have China buy pork and beef. With China having excess pork and increasing purchases from Russia and Brazil and Argentina largest exporters now, it is hard to see China buying other than variety meets and offal from the US.
Live cattle futures opened lower Friday on heavy speculative trading and the supposed news of beef imports from Argentina.
LEAN HOG COMPLEX
Trade volume was light over the week. As December and February were lower and summer months were higher. Spreading was the majority of the trade. Pork prices have been steadily falling. Analyst have expected US pork consumption to increase, but if it has, it isn’t making up for the loss of exports.
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