Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
The Hogs and Pigs report is neutral. The December – February pig crop is 1.2% less than the average trade guess and farrowing intentions for June-August farrowing are 3 percent lower than expectations but what might happen compared to guesses before the report in 2 to 4 months is a long way off. Going forward is going to depend on pork sales. The increase in numbers of hogs in 2023 is benefiting from active exports but has seen negative daily prices decline. Pork prices will depend on how much pork has been contracted for months ahead.
LIVE CATTLE
Beef net sales were just 11,300 MT. The largest buyer if you can call it large was Japan taking 2,700 MT followed by China with 2,500 MT and Taiwan buying 1,700 MT. South Korea took just 1,600 MT. Exports over the past month are low, too low to help improve cattle prices.
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