CME Lean Hog Index Improving
MORNING LIVESTOCK OUTLOOK
The big US cow slaughter has been going on for 2 years. However, U.S. packers are bringing in feeders and fed cattle from Canada and that could askew placements. The latest USDA figures through May showed close to 47% more Canadian cattle for slaughter than a year ago.
The CME Lean Hog index has been improving and so has the CME Pork Index. The Pork Index has been gaining more than the cost of hogs. This is positive for the packer. But higher prices are because of light slaughter and low amount of pork offered on the daily market.
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