Chicago Mercantile Exchange lean hog futures set contract lows for a second consecutive session on Wednesday under pressure from ample supplies.
Packers losing money processing beef due to tight supply
The program, launched in 2017, came up for its five-year review in 2022
Large supplies of hogs continue to pressure futures, analysts said
Feeding margins have moved into negative territory, setting a negative tone for replacements
China's beef purchases supports live cattle
Plains blizzards and cold winter weather stressed animals and impacted weight gain
Live cattle futures eased on profit-taking and weaker-than-expected cash trades
Live cattle ended the day down, feeder cattle were up
Lean hog futures ended the day mixed
The trade is expecting a smaller hog herd, Reuters survey shows