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Lean hog futures were pressured after USDA Cold Storage data showed large beef inventories, limiting cattle market gains. February live cattle closed higher at $122.70 while January feeder cattle fell slightly.
Cash cattle bids were $119 live and dressed deals reached $190 in Nebraska and Iowa.
Large cold storage stocks of beef and pork weigh on wholesale demand and pressure nearby hog prices, which affects hog-feed demand.
brownfieldagnews.comMeghan GrebnerDec 21, 2018After 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.
After 268 past bullish report events, Live Cattle moved a median +0.3% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +1.7% over 20.
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.
