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CME lean hog futures closed mixed as the August contract gained on the back months, while the October contract slipped. A Midwest and Plains heat wave made hog transport harder and tightened near-term supply of slaughter-ready hogs, lifting cash prices to the CME Lean Hog Index's highest level since June 2021.
Live cattle futures drifted lower on softer cash values.
Tighter nearby hog supply forces packers to pay up for animals, which supports cash and front-month hog prices and feed demand for hog rations. Cattle prices softened, so livestock feed buyers face mixed signals across species.
financialpost.comReutersJul 21, 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.
