Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Choice beef was up Monday on with rib primals up $14.33 and loin primals up $9.71 leading it higher. It looks like beef buyer(s) are short product for the holidays. Packers are keeping slaughter down because they aren’t moving beef at prices that make them money or break even. Packers know how much beef is contracted and selling 109 total loads on the daily market after a kill last week of only 603,000 and Mondays’ kill of 118,000.
PORK COMPLEX
Packer margins are dropping. Pork prices are dropping faster than hog prices. Packers are still making money but profits are getting eaten up. Last week hog kill was up 28,000 head compared to the previous week but 14,405 down for the same period a year ago.
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