Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Pork prices were higher last week and there were a few reasons why. Hog numbers for the year are higher but recently kill has been dropping. Saturday’s kills are light with last week’s slaughter at 48,000 head. Packers are digging deeper into pens for finished hogs. Weights have been dropping as the table shows below especially on packer owned hogs. Pork exports were a bit better than last week, but exports have been dropping. The increase this week was from China and unless China keeps buying at last week’s level, exports likely will fall because Mexico is going likely buy more pork from Brazil.
LIVE CATTLE
Cash cattle markets continue to move higher this week. Highest prices paid in the Midwest and best prices are for the few cattle weighing over 1550 pounds or dressed steers weighing near 1000 pounds. Kansas on dressed steers paid $300.00 but on cash FOB prices were 183.00 to 184.00 and a few head Thursday 184.00 – 188.00 with a cash delivered from 189.00 – 191.00. Thursday, Texas paid up to 185.00. Midwest dressed steers were $300.00.
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