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CME lean hog futures closed mostly lower while cattle futures ended mixed as traders awaited a possible strike at US East and Gulf Coast ports. The International Longshoremen's Association contract expires with talks at an impasse over pay, with strike action possible from Tuesday.
A port strike would disrupt container exports of beef and pork, reducing export demand and pressuring domestic livestock prices, while also raising logistics costs.
thecattlesite.comMelanie EppSep 30, 2024After 29 past bearish logistics events, Live Cattle moved a median -0.3% over 5 sessions (38% higher; middle half -2.0% to +0.5%), and -3.7% over 20.
After 11 past bearish logistics events, Lean Hogs moved a median +1.6% over 5 sessions (55% higher; middle half -2.7% to +2.5%), and -6.1% over 20.
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.
