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On July 12, CME live cattle futures fell on profit-taking after most contracts had reached life-of-contract highs, with August cattle settling down 1.950 cents at 176.875 cents per pound. August lean hogs settled down 2.225 cents at 95.350 cents per pound, and the USDA choice boxed beef price fell to its lowest since June 2.
Seasonal softness in beef demand and squeezed packer margins point to lower near-term cattle and hog prices. The moves are a routine pullback rather than a new supply or demand shock.
thecattlesite.comMelanie EppJul 13, 2023Not 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.
