Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
PORK COMPLEX
Over the past few weeks weights are staying the same. Pork prices have been going up a little faster than hog prices.
With high beef prices, pork is moving higher. Pork gives retailers a cheaper product that they can use to lower beef such as ground beef. Meat brings shoppers to the store. There are many items where prices can be raised and with strong margins that losing money on meats, isn’t going to hurt the stores margins of the total grocery cart.
CATTLE COMPLEX
Live cattle futures are making new contract highs with ease. Cash cattle prices are at historic highs. Speculators are bull spread. Year to date cattle slaughter is down 5.8% . Hog slaughter is down 2.8%. Cattle inventory is at 75 year lows.
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