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CME live cattle futures ended mostly lower on Monday as select and choice boxed beef prices fell 2.7% and 1.9% week over week. USDA data showed 11.7 million head in US feedlots as of June 1, the highest for that date since 1996.
Hog futures were mixed, with hopes for expanded China meat imports supporting deferred contracts.
Falling boxed beef prices signal growing beef supply and possible weak demand, which pressures live cattle values. Expectations of Chinese meat import growth provide some support for hog prices.
agcanada.comAGCanadaJul 15, 2019Not 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.
Same-day report notes hog futures supported in deferred contracts by hopes for expanded China meat imports, a demand/trade-flow sentiment driver consistent with the 2019-07-15 jump.
