Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
PORK COMPLEX
Lean hog open interest is high and trade volume has been light to moderate. Cash hogs and pork prices have been moving lower while lean hog futures have been moving up.
President-elect Trump announced when he takes office that he will put a 25% tariff on Mexican imports to the US and additional 10% 0n Chinese imports. Mexico is one of the largest buyers of US agricultural products. The increase in US. pork exports for 2024 are mostly because of Mexico. If the US places tariffs on Mexico, it will be a green light for Brazil to use the US tariffs to their advantage selling to countries that buy US pork.
CATTLE COMPLEX
Mexico is the 3rd largest beef buyer from the US. If Mexico places tariffs on beef, it will hurt exports even more than they have down in 2024.
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