Written Commentary
MORNING LIVESTOCK OUTLOOK
Feeder Cattle Futures volume is quiet as prices move sideways and line up with cash. However, for January 2023 feeder cattle on out, beware of low volume trading. Tuesday Feeder Cattle ignored the lower corn and wheat markets.
This week we will see if packers are running out of steam or if they need cattle. Feedlots in the Midwest are asking up to $160.00. Packers likely will pay higher with best prices given to feedlots selling on the rail.
If the Mexican peso continues to gain on the US dollar it will be good for pork. Combined with pork prices dropping, it should keep Mexican buyers in the US market. Freight rates have also been moving lower. It is another positive indicator to keep Mexican buyers buying US pork.
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