Written Commentary
LIVESTOCK AM OUTLOOK
With cattle kill off Tuesday because of the JBS cyberattack and packers not working Monday because of Memorial Day break, packers may use it to their advantage to buy cattle steady to even lower this week. However, retailers on the daily beef market were actively buying beef on Tuesday concerned consumers would hoard beef.
For some unknown reason, the cattle futures took the news as negative even though JBS also is one of the major hog processors in the US and plants in the US were slowed or said to be down.
Packers should try to get kill back up from slow Tuesday and no Monday kill. Weights indicating hogs are current. Don’t see hog inventory increasing which is friendly and loins and hams remain cheap.
Although the attack affected hog slaughter, unlike cattle futures, lean hog futures shed the news and lean hogs were higher on the day with new contract highs made with June 2021 through the October 2021 contract.
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