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CoBank's quarterly report says US meat and poultry processing is recovering from COVID-19 disruptions, with beef plants at 95% capacity. It expects US beef output to grow 1% in 2020 and says nearly 3 million pigs were euthanized in the second quarter.
Higher cattle weights and rebounding processing support near-term beef supply, while lost hog output reduces pork-linked feed demand. Weak foodservice demand and job losses could pressure beef prices this summer.
meatpoultry.comErica ShafferJul 13, 2020After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% over 20.
After 159 past bearish report events, Lean Hogs moved a median -0.2% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +1.0% over 20.
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.
