Written Commentary
MORNING LIVESTOCK OUTLOOK
As expected, packers had to pay higher for cash cattle this week. Cattle in the Midwest were from $120.00 up to $122.00, $1.50 to $3.00 higher. Cattle in the Southwest sold at $119.50 to a few loads at $120.50 this week. Packers will be trying to push slaughter for retailers needing Memorial Day inventory.
Can’t forget, high corn means high priced cattle. When looking at prices for cattle, current levels are close to where they were before they broke back to February 2021.
Pork carcass appears to be high but the cheap cuts are market movers and to be high priced, loins and hams have to move substantially higher. Barbeque restaurants moving markets are certainly helping pork, but carcass buyers are getting entire hog cheap.
Export net sales were bad. Exports looked strong but as shown this week, exports may not become actual sales.
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