Written Commentary
MORNING LIVESTOCK OUTLOOK
Feeder Cattle futures were flat over the past week. With large premiums extended into 2024, traders are sticking with longs.
Export demand has been good from the first of the year and daily beef sales from primal ribs to ground beef prices have been gaining for days. With low unemployment consumers are buying beef from cheap hamburger to Choice and Prime steaks.
Mexico is the top buyer of U.S. pork and with a strong Mexican Peso to the U.S. Dollar, it certainly helps to sell U.S. pork into Mexico. For 2022 pork exports to Mexico were 843,461MT compared to 2021 at 755,560MT up 12%. Combined U.S. Pork plus Pork Variety Meat exports to Mexico were up 10% at 959,701 MT.
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