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Cattle futures closed at their upper daily limit on Thursday as traders moved to close the discount to higher cash prices. Packers bought cattle in southern states at up to 1.37 per pound, and June live cattle futures rose 3 cents.
Hog futures slumped as traders reduced bullish bets.
A basis correction driven by higher packer bids and wide margins supports cattle futures, while weaker hog futures point to softer pork pricing. The move is largely a market-driven adjustment rather than a supply change.
foxbusiness.comBenjamin ParkinJun 1, 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.
