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CME lean hog futures rose about 3% to a seven-month high on Tuesday as rising pork and cash hog prices drew fund and chart-based buying. USDA's semi-annual cattle report showed the US herd at 93.585 million head, up 1.1% year over year and above analyst estimates, and live and feeder cattle futures fell to multi-week lows.
Firmer pork cutout and belly prices support hog values and strengthen demand for feed going into hog production, while a larger cattle herd adds pressure on cattle prices.
grainews.caMichael Hirtzer, GFM Network NewsJan 31, 2017Not 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.
