China Pork Prices Drop
Morning Livestock Outlook
Too many traders watching October/December hog spread. It is now time to concentrate on December/February or spreads into June 2021. Anything can happen as October closes. The world has a lot of pork. China pork prices dropping. Buying has been to refill coolers. Next big need for China will be late January to February.
Packers are buying too many Select Cattle mixed with Choice and having too many big cattle Choice and Select. They are getting big cattle that won’t finish Choice that were taken off feed in March and April and no matter how hard they are fed, they won’t grade Choice.
Wednesday in the Midwest loads of cattle with 80% or more Choice cattle sold for $109.00 with feedlots holding for $110.00. But loads with 65% Choice to Select selling for $108.00.
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