Written Commentary
MORNING LIVESTOCK OUTLOOK
Wednesday was the third slow trading day on Live Cattle futures. Maybe exports reports Thursday morning will help the cattle market out of the doldrums. Exports have been good in 2022 but the strength of U.S. Dollar compared to Japanese Yen isn’t helping.
The big drop in bellies has traders wondering if the pork cutout has topped, but it isn’t just bellies that are down. The 5 day pork carcass average since August 1st is down almost $15.00 and it bellies are just part of it. Butts, rib primals and hams are all down hard. Loins are just about steady but the severe drop in the 4 primals all help the cutout to fall.
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