Livestock Markets Lower
COF report is not friendly. A lot of cattle on feed and a lot of cattle were placed. The low marketing number is no secret because had kill down in beginning of May over 37% but that was May. Now slaughter has essentially caught up for the year and this week slaughter was higher than a year ago for the week. With carcasses weighing 50 plus pounds more than a year ago, there is going to be plenty of beef, too much with consumers watching their wallets and buying ground and processed meat over high end cuts. On top of the COF report, there is still the problem with backed up cattle. Currently, it appears packers will start working on the backed up cattle July through September.
China has imported record supplies of pork not only from the US but also EU and Brazil. At the same time they have been rapidly rebuilding their own hog herd.
China has stopped taking poultry from a Tyson plant in Arkansas due to too many employees testing positive for COVID 19. Reports from China show they have excess poultry and eggs and they also have imported record poultry from the US beginning late 2019 and for first 4 months of 2020.
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