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COF Report Close to Expectations

MORNING LIVESTOCK FUTURES OUTLOOK

LIVE CATTLE

The COF estimates were close to the USDA expectations, except for placements but throw out the lowball estimate of 87.9% which most people will do and the placement of 95% show there is no herd building. It is a positive report, but prices for Live Cattle are already positive from December 2023 into 2024. I do not see much reaction because of the report. Live Cattle are now priced and spread with premium higher prices paid for Live Cattle from December 2023 into 2024

 

 

LEAN HOGS

Beef consumption in the US is expected to be down 3 pounds in 2023 and pork consumption is expected to be up 1 pound.  But when US slaughter is up as of last week compared to a year ago 1.3%, a 1 pound gain of pork isn’t big enough to add much to pork prices.  Pork  prices will move up if beef prices remain high or move to higher levels of this summer.

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