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Lean hog futures fell to their lowest in about four weeks on Wednesday November 22, 2023, dropping about 8% since November 7 as ample US supplies weighed. USDA data showed pork cutout down $0.53 and frozen pork belly stocks down sharply year over year, while select boxed beef eased and choice rose.
February live cattle settled at 175.275 cents per pound.
Heavy hog supplies and lower hog futures reduce the cost of pork-based feed ingredients and signal weaker hog prices for producers. Mixed beef cutout and pre-holiday positioning add uncertainty to cattle values.
thecattlesite.comMelanie EppNov 23, 2023After 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 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% 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.
