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Benchmark July lean hog futures on CME jumped nearly 5% on Wednesday, extending a two-day rally to 11% after a months-long slump. Cattle futures also rose to life-of-contract highs as tight U.S. cattle supplies and higher beef prices supported the market.
The hog rally looks driven by short-covering from a near-record managed-fund net short, not a change in fundamentals. Tight cattle supplies support feeder and live cattle prices.
financialpost.comReutersMay 31, 2023Not 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.
On the end date, cattle futures rose to life-of-contract highs on tight U.S. supplies and higher beef prices, directly reflecting the feeder rally.
Cattle futures hit life-of-contract highs on May 31 on tight supplies and higher beef prices, starting the rally.
