Traders Waiting on COF Report
MORNING LIVESTOCK OUTLOOK
Trade volume in Live Cattle was once again mainly on the Dec 2022 contract and the Feb 2023 contract and the volume was fairly light. Traders are waiting for the Cattle on Feed Report on Friday afternoon and wanting to see if packers hold prices steady.
Tuesday’s slaughter revision at 495,000 hogs is good for the pork industry. It shows packers have enough labor to meet any increasing hog numbers. Hog prices been up for two years. Expansion into 2023 is likely. Also, killing more hogs is more cost efficient for packers.
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