Live cattle, feeders trend accelerating

“Feeders led the cattle complex strength today with new contract highs again as the trend on both live cattle and feeders is accelerating,” The Hightower Report said. “We’ve not heard of any cash trade or bids in the South yet this week, but the futures strength would suggest higher money is likely. Brazil has requested consultations with the WTO over U.S. tariffs that are expected to go into effect today, which should end their beef imports in the U.S. This is one of the factors boosting prices and cutout values this week, which have been very strong Tuesday and today.”

“The hog market opened steady but was unable to follow through from Tuesday’s strength and closed moderately lower on the day. December prices have risen for five consecutive sessions and Tuesday’s trading volume was the highest in three weeks,” The Hightower Report said. “This suggests a pullback should find support near the upper boundary of the mid-July range at 83.50.”