Written Commentary
MORNING LIVESTOCK OUTLOOK
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Beef export net sales were disappointing. Japan took the most and South Korea was second buyer. Net sales of 13,600 MT need to average on a weekly basis from 25,000MT to 27,000MT
Restaurants that used one or two meat purveyors are now needing to call several to procure beef. Choice/Prime beef prices for the highest priced primals and retail cuts used for prime rib, strip steaks, ribeye steaks have doubled price in some restaurants over the past two months, or restaurants are increasing prices on other menu items to make up the margins lost on beef.
Disappointing pork exports with only 14,600MT net sales. Net sales need to be a minimum of 25,000 MT. Hog futures were higher on spreads and light volume liquidation from recent buyers over past couple days.
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