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CME April lean hog futures climbed to a new contract high of 97.375 cents/lb on Tuesday, closing up 1.925 cents at 97.25. USDA cold storage data showed frozen pork supplies down 4% and frozen beef down 6% year over year.
A California court ruling delayed enforcement of Proposition 12 for grocers and restaurants.
Tighter frozen pork and beef stocks and a shrinking hog herd support higher hog and cattle prices, and the futures-cash spread widened. Buyers of pork-linked feed should expect firm livestock values near term.
agcanada.comAGCanadaJan 26, 2022Not 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.
