Written Commentary
MORNING LIVESTOCK FUTURES OUTLOOK
LEAN HOGS
June hogs through August hogs were down Thursday after making new contract highs on March 18th. Pork prices were slightly lower Thursday on light sales. Bellies were down 9.76 on early sales and ended the day down 3.53. Ribs were off 9.48 on morning sales and ended the day off 7.58. Pork prices are benefiting from high beef prices. There are analysts estimating pork consumption in 2024 will add another pound. In 2023 US consumers added 1 pound of pork with largest gain for poultry up 4 pounds.
LIVE CATTLE
Packers came out strong this week buying cattle $2.00 to $3.00 higher with Midwest Cattle averaging for steers $190.50. Dressed cattle averaged $303.00. Cattle movement in Kansas was active with cattle $2.00 plus higher averaging $188.00. Very little buying in Texas with the few sold at $188.00.
Cheap wheat, milo and corn are helping feeder cattle buyers. With the high cost of replacing cattle, feedlots can hold cattle.
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