Written Commentary
There are a lot of yield grade 4’s and 5’s showing up and packers don’t seem to be hitting them with discounts. Recent move up could be for Labor Day retailer buying However, there wasn’t big demand over Memorial Day or July 4th but with the last big summer holiday, retailers may show out high end cuts that are now leading the boxed beef higher.
There are still packers in Brazil and Argentina unable to sell poultry, beef and pork to China and with the way packers have been contracting meat as of late past mandatory reporting times, it is likely exports for beef especially with cheap US Dollar are going to see a continued strong exports.
Pork cutout Tuesday had a moderately active movement with 496 loads. Volume on futures light. October moved up to the overhead resistance, the convergence of 10 and 20 day moving average and then spec traders took profits.
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