Written Commentary
CATTLE
Beef net sales were bad. Exports month after month continue to see decreases and with new records set for exports out of Brazil it is no wonder why. Brazil continues to take market share from the U.S> while importing beef to the U.S. Over the past month the Brazilian Agricultural Minister has said several times they look to increase sales to countries such as Japan, South Korea and the Middle East.
Boxed beef has been slowly working lower. Unless consumer begins to shift buying hamburgers to T-bones and porterhouse steaks, it is going to be hard to rally beef over the next month.
LEAN HOGS
On moderate movement the pork carcass was up 4.56 Wednesday. Loins dropped 77 cents, but hams were up 16.03 recovering Tuesday’s dump of nearly $10.00. Picnics were up early Wednesday 6.14 but lost it by the afternoon down 7.20. Bellies up 11.02 over $100 Butts were off 3.06. If hams and bellies continuing gaining, look for next week’s exports to show increasing buying from Mexico
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