LIVESTOCK AM OUTLOOK
Packers have been light showlist buyers over past several weeks and when buying cattle. They have been in control of the showlist often telling showlist buyers to keep cattle until notified. Beef is moving from high end cuts to trimmings and ground beef. Packer profits are big. At this time market looks good.
From the CME Lean Hog Index, the CME Pork Index, cash carcass prices to negotiated hogs, all prices dropping. The low base price on carcass based hogs has been moving lower. The high base price was established when hogs were higher, so actually trend is showing substantially lower prices.
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