Written Commentary
MORNING LIVESTOCK OUTLOOK
Compared to Monday volume on Live Cattle was slow. June GLOBEX volume was a little over half of it was Monday as cattle dropped. Recovery on Tuesday moved up to the convergence of the 20 and 100 day averages and not even trying to go into gap left from Friday’s low and Monday’s high and opening price.
Problems with Covid in Japan causing problems with global container shipping. Shanghai is largest container shipping port and covid continues to spread to more cities in China.
Traders will be waiting for Thursday’s exports. Last week’s net sales of only 12,900 metric tons were disappointing especially with Mexico taking just 4,700 metric tons and also decreasing the purchase 700 metric tons.
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