# A Tale of Two Markets: Why the Future Looks Different for Hogs and Cattle

> 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.

- Date: 2022-09-01 · published 2022-09-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/40174-a-tale-of-two-markets-why-the-future-looks-different-for-hogs-and-cattle
- Commodities: [Lean Hogs](https://feedsoft.ai/c/HOGS.md), [Live Cattle](https://feedsoft.ai/c/LCATTLE.md)

## Why it matters

Cattle's upward-sloping curve implies firmer future beef prices, while hog backwardation signals expected softer hog prices as production rises.

## Read by commodity

- HOGS: bearish ▼
- LCATTLE: bullish ▲

## Sources

- cmegroup.com: https://www.cmegroup.com/openmarkets/agriculture/2022/A-Tale-of-Two-Markets-Why-the-Future-Looks-Different-for-Hogs-and-Cattle.html

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.