While we anxiously await early 2019 statistics, the final 2018 export numbers are in and, when it comes to beef, the numbers are solid.
In this week’s Beef Market Update, Gateway Livestock Exchange’s Anne Wasko joins stand-in host Lyndsey Smith to talk about what’s lifting live cattle prices. You don’t have to look much farther than lean hog futures, Wasko says, as the market tries to price in the total impact of the African swine fever outbreak in China and surrounding areas.
In the last three weeks, August ’19 futures have jumped from below $.80 to over $1.00, pulling cattle prices and the protein complex up with them.
There’s also some preliminary data coming out of Japan that supports the 2018 trend well into 2019, but Wasko says we’ll have to watch next week for the official Statistics Canada numbers.
Listen below to this edition of the Beef Market Update: