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An OpenMarkets analysis compares forward curves for CME Lean Hog and Live Cattle futures as of July 28, 2022. The curves are in backwardation for hogs and contango for cattle, reflecting USDA expectations of tighter beef stocks in 2023 and higher pork output.
Cattle's upward-sloping curve implies firmer future beef prices, while hog backwardation signals expected softer hog prices as production rises.
cmegroup.comCME GroupSep 1, 2022Not 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.
