Hogs: One new story for today is the trade’s faith in extended weather forecasts. Back in 2002, the last year of real heat in July, finishing weights went from 1% over the previous year to even with previous year. By September they were 1% under. That is a 2% drop in production.
Cattle: Though the last two days of higher wholesale beef prices are good news, today the trade was concerned about new trade data. Beef exports went from 26% higher than last year in April to only 15% higher than last year in June. That is less than the numbers implied by the weekly reports back then…Rich Nelson
Rich Nelson is Director of Research at Allendale, Inc. in McHenry, IL. Allendale is registered with the CFTC and NFA and is a member of the NIBA. www.allendale-inc.com.
