USDA will release its quarterly Hogs and Pigs report tomorrow. Pre-report estimates are that the total inventory as of 1 December will come in at 99 percent of 2019, which would imply 76.5 million head. The most interesting aspect of the report will be the number of hogs and pigs by weight category. COVID disruptions, like plant idling in the spring, and reconfigurations since, created a backlog of slaughter hogs, leading to some depopulating (which is eligible for compensation per yesterday’s COVID relief package) and fluctuations in slaughter weights.
Last week’s average slaughter weight was 294 pounds; the average for 2019 was 285 pounds. The spread widened in May with the plant shutdowns and by July started t...
What You Need to Know Today: President Trump claimed the ceasefire between the U.S. and Iran was over, as both sides accused one another of violating the terms of the agreement. Commercial vessels are increasingly steering clear of the Strait of Hormuz as security risks escalate following Iran...
Key Takeaways: The CME Group is launching new 90 percent Lean Beef and 50 percent Lean Beef futures and options contracts in July. There are five key factors that must be present in physical markets and futures contract specifications for futures contracts to become successful. The two l...
