Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
After the cash move higher last week, packers will be slow to buy cattle this week. Boxed beef prices go up and consumers keep buying. U.S. consumers are working as the low unemployment reports show and when they buy beef, consumers with higher incomes want choice and prime steaks and the consumers with lower incomes are buying ground beef. After the drop in consumption in 2024, reports are showing that consumers are buying beef about the same as they did in 2023. The question ahead, will high temperatures this summer lower demand?
LEAN HOGS
The pork carcass price on the daily price sheet dropped to $98.84 on Monday and the 5 day pork carcass average was $99.99. Of course the way the pork market fluctuates day to day, the daily price could see improvement but it is significant that the 5 day carcass is below $100.00. Pork is dependent on strong exports and world wide competition is increasing.
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