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CME lean hog futures hit contract highs for a second straight day as tighter-than-expected US supplies kept wholesale and cash markets strong. Live and feeder cattle futures fell on profit-taking after a rally, as beef cutout values dropped.
The Choice boxed beef cutout fell $2.89 to $320.61 per cwt.
Firm hog prices support hog-feeding margins and demand for hog feed, while softer cattle futures and cutout values weaken the cattle complex and feeder cattle sentiment.
thecattlesite.comMelanie EppOct 30, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Profit-taking after a rally and a $2.89 cutout drop on Oct 30 set up downward momentum that carried into Oct 31.
