A summer below expectations… ⛱️

🐷Chicago Mercantile Exchange (CME) lean hog futures softened this week. Also, larger-than-expected hog slaughtering indicates that the government has previously underreported the current size of the US herd, so analysts expect updated numbers.

🐮 As for live cattle futures, they reached a three-week high halfway through the week on expectations of tighter US supplies – feeder cattle futures advanced too.

     • The US won’t be wallowing in heavy cattle supplies as usual this summer, since producers have reduced herds due to drought and high feed costs.

🔎 All the numbers can be found here.