Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
Strong exports definitely are helping the hog market. Exports were strong last week as China increased purchases and Mexico added more pork. It is very likely the increase from China is pork to refill storage as Chinese buy more pork for the Lunar holiday. It is common to see one to two large increases in exports this time of the year.
LIVE CATTLE
Boxed beef opened Monday morning steady with afternoon sales up 40 cents. Movement was light with just 85 total loads of beef moved. Choice beef has lost $5.94 over the past week. More ground beef loads are sold than Select beef. The lower boxed beef prices are going to make it hard for feedlots to get more money out of the packer.
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