USDA released its quarterly Hogs and Pigs report today with most all categories coming in near pre-report expectations. Total inventory was 75.7 million head, at 98 percent of 1 June 2020 and 101 percent of 1 March 2021. The March to May pig crop was below the pre-report forecasts. Pigs saved per litter were 10.95 compared to 11 last year.
This was the first year-over-year drop in the June hogs and pigs inventory since the porcine epidemic diarrhea virus (PEDv) in 2014. The year-over-year comparison (for this and probably the next two quarterly reports) is less instructive than typical, however, because June 2020 reflected the disruption to harvest caused by COVID. Starting the first week of April, slaughter dropped five consecutiv...
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...
What You Need to Know Today: The hot, dry weather forecast continues to drive strength in grain futures with corn and soybeans hitting another day of strong gains. Monday’s Crop Progress and Conditions data were in line with market expectations and showed relatively few concerns for the...
