Written Commentary
Livestock Outlook
The US is a net importer of beef and beef coming from Brazil, Mexico and Australia is Select to Cutter/Canner. With heavy U.S. cattle the imported beef is keeping down beef prices.
Cattle pushed to the new limit down $4.00/ on Live Cattle and $5.00 on Feeder Cattle. But on settlement they were all off limit.
Loins down hard Monday, off 5.95. Hams up 1.37 and bellies up 3.00 Butts and picnics down and ribs were up. Look for strong exports to continue to Mexico and look for exports to China to be on the low side.
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