Written Commentary
MORNING LIVESTOCK OUTLOOK
China has instituted new COVID restrictions. COVID increasing in China and ports are locking down. All ships and planes have strict inspections in place.
Last week’s beef exports at 25,700 MT were good. China was biggest buyer taking 10,400 MT. Time will tell if China was a large buyer to restock storage after the Lunar Holiday at the beginning of February as it appears they did with pork last week or is China going to amp up buying going forward.
Big rally in summer month hogs over the past week. It sure wasn’t the fundamentals for the week. The hog index gained 21 cents for the week but pork index was down $3.96. The 5-day average on the daily pork carcass cutout lost $2.55.
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