Written Commentary
MORNING LIVESTOCK OUTLOOK
Beef net sales at 17,900 mt were lighter. Down 11% from a week ago and 17% down on 4-week average. Japan largest taker with 6000mt followed by China with 4,800mt and south Korea taking just 2,700mt
Cash cattle prices were down $2.00 for the week. Cattle in the Southwest were $135.00 with a few head in Texas at $136.00. Midwest cattle were $139.00 to $142.00 with a few at $143.00 dressed cattle sold for $220.00 to $222.00.
Pork prices are higher and because the slaughter is down, there is less pork to sell on the daily market. Packers fill the contract pork orders and sell pork on daily market. Presently, with lower hog inventory if packers dig deep into the market ready hogs, the weights are going to drop. Until more hogs are slaughter ready, or until consumers back off pork which isn’t too likely, can’t see pork prices dropping soon. Prices could steady out.
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