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Pete Crow notes packers are supporting fed cattle cash at $115-120 while futures lag near $100, a wide basis. Boxed beef is expected to decline over coming weeks as packing capacity recovers, while ground beef remains strong.
Expected recovery in packing capacity should lower boxed beef and eventually reduce packer leverage over cash cattle, shifting pricing pressure lower.
wlj.netPete Crow, WLJ publisher emeritusMay 29, 2020Not 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.
