Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
CATTLE COMPLEX
Trade volume was light Monday. Spec traders for live cattle and feeder cattle were spreading. Unwinding February/April and buying April and selling on out.
Beef production last week was down 3%. However, cattle are weighing 60 pounds more than they did a year ago. It makes a big difference and on top of US slaughter, the US is importing 24.4% more US beef.
PORK COMPLEX
Last week hog slaughter compared to the previous week was down 33,000 head. Compared to a year ago for the same period slaughter was off 87,899 head. Year to date slaughter is off 1,056,706.
Tariffs remain a concern especially with Mexico. Mexico is the largest pork buyer and if Mexico retaliates, pork and other agricultural products will be affected. Mexico has Brazil and the EU knocking loudly on their meat buyer’s doors.
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