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Lean hog futures fell on June 3 after the Mexican peso weakened to its lowest against the dollar since November following Mexico's ruling party election result. Cattle futures ticked up on summer beef demand expectations, while boxed beef rose.
A weaker peso makes US pork more expensive for Mexico, the largest export market, pressuring hog prices. Peso moves are a key link to pork export demand.
agcanada.comAGCanadaJun 3, 2024After 17 past bearish macro events, Lean Hogs moved a median -1.0% over 5 sessions (35% higher; middle half -2.5% to +0.8%), and -1.6% over 20.
Not enough comparable past events yet for a historical read.
After 28 past bullish macro events, Live Cattle moved a median -0.3% over 5 sessions (39% higher; middle half -1.2% to +0.9%), and +1.7% over 20.
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.
