Written Commentary
MORNING LIVESTOCK OUTLOOK
Lean hogs resumed their down move Wed and continued Thurs. February 2023 Hogs dropped to $76.40, the last major low made back on Oct 4, 2022 and the lowest closing price since Dec 7, 2021.
It isn’t unusually to see beef prices down in Jan and Feb and with the good demand for beef for the Dec holidays, the current down move in boxed beef is a common occurrence. During 2022 credit card usage was up, consumers spent more for presents and on top of the extra expenditures, heating and utility bills are higher and April tax season is ahead. With fewer cattle placed, unless there is a deep recession during the spring and summer, beef prices will improve.
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