Written Commentary
MORNING LIVESTOCK OUTLOOK
Beef prices need consumers dragging out grills and buying steaks as they did a year ago. But there is one big difference between now and last year. In 2021 consumers were coming out of the pandemic and didn’t feel the pressure from inflation. They wanted to celebrate and get together with friends. Now they hear about inflation whenever they look at a news website, read a paper or watch television news. They feel the inflation when they buy gas and pay utilities. As it appears now, this spring, a move higher for beef doesn’t look promising.
With hog slaughter down year to date by 8%, with packers needing pork to fulfill previously contracted pork orders along with weights dropping, it adds to the need for pork. If pork exports are close to what they were last week, 26,600 metric tons, the demand for pork should remain strong.
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