Light to Moderate Livestock Trading Volume
Boxed beef continues to fall with Select beef the big drag on the market. Consumers wanting ground meats and processed meat versus roasts.
Trading volume was extremely light on live cattle and feeder cattle Monday. Hedgers are absent and traders are waiting to see if there are large deliveries and if packers in June are cancelling previously contracted cattle as they did last of March through May or if packers keep contracts and begin to work off showlist cattle that have been backed up and are heavy.
Moderate volume trade on Monday. Market is waiting to see if packers keep increasing kill, to see if pork prices find a bottom and to see if China buys as they did January through April.
China over the past 4 weeks has stopped the surge buying of pork. After breaking records the first quarter and April, May exports to China and Mexico just mediocre. China has a surplus of poultry and has record imports from EU and Brazil. Their hog numbers are rapidly increasing. During May as US pork prices skyrocketed, pork in China dropped. It is likely China has refilled depleted pork reserves and buying going into 2020 will be much lighter than expected.
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