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U.S. lean hog futures rose to a three-month high on Tuesday while live cattle declined as some investors unwound long cattle, short hog spreads. Pork belly stocks in April were the lowest ever for that month, which supported hogs.
Lower April pork belly stocks point to tight pork supplies during a seasonally strong demand period, supporting hog prices. Cattle weakness reflects position unwinding rather than a fundamental change in beef supply.
agcanada.comAGCanadaMay 23, 2017Not 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.
