Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LIVE CATTLE
Several analysts see beef consumption for 2024 the same as 2023. US consumption was down in 2023 but the increase of imported beef in 2024 is adding to the total retail inventory from the grocery store to restaurants especially fast food restaurants. A drop in prices for household supplies is expected over the summer into the 4th quarter. Cheaper prices on one side of the grocery will allow consumers to continue to buy beef.
LEAN HOGS
June lean hogs closed at $92.70, the lowest price since January 23rd, and busting through the lows of the past 5 days. Packers are keeping slaughter at levels where they fill previously priced contracts and limiting pork offered on the daily market.
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