The bacon, lettuce, and tomato season is going to help an already surging pork trade. Meanwhile, cattle trade battling three-month lows. We’re starting to see more fresh produce stands along the roadsides as we move deeper into July.
Lean hog futures at four-week highs now in mid-July, even with ample supplies and heavier weights. BLT season certainly going to help, along with county fairs and the usual summer festival. But keep an eye on October lean hog futures.
A move above $87 sets $88.50 as the next target. This is the bottomline report. Packers appear to have enough cattle on hand or on the books to continue bidding lower.
We would see another $5, $6, maybe even $7 decline in the cash market this week.
Audio Reporting by Mark Oppold for Southeast AgNet.