Chicago Mercantile Exchange live cattle and lean hog futures rose to life-of-contract highs on Tuesday, lifted by investment fund buying linked to optimism that meat prices will continue to rise, traders said.
Chicago Mercantile Exchange lean hogs on Monday reached their highest level in almost a year as packers competed for supplies during the first full week of production after the New Year's holiday, said traders.
Chicago Mercantile Exchange lean hogs on Wednesday slid from a one-year top earlier in the session, rattled by fund selling and Canadian government concerns over NAFTA talks with the United States, said traders.
High level of nitrates have been detected in forages this year in South Dakota and other states. Depending on where you live, it could be due to weather conditions, fertilizer, previous crop, or a combination.
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U.S. live cattle futures bounded to life-of-contract highs for the third straight session on Wednesday, rising on expectations that beef packers will continue paying higher prices in Plains cash markets.
Warmer than normal temperatures dominated the Midwest last week, and despite some thunderstorm in the High Plains, drought conditions have intensified. Cattlemen are culling herds and dipping into hay supplies.