Written Commentary
MORNING LIVESTOCK OUTLOOK
Friday, many traders decided to stay out their offices and make it a 4 day weekend. Volume was extremely quiet. February 2023 Live Cattle, the most actively traded contract, had just 12,957 contracts on GLOBEX and April 2023 Live Cattle had 4,472 contracts traded.
It was announced this week that Mexico has a new trade agreement with Brazil and will begin to import more Brazilian pork. The reason, Mexico is trying to fight inflation and bring in more Brazilian pork should begin to bring down food costs. The agreement will mean that Mexico is expected to buy pork on a regular basis.
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