Cattle Down Sharply This Week; Hogs Unchanged
Meat Futures--- Live cattle futures this afternoon in Chicago are down another 10 points in the August contract currently trading at 116.55 looking at possibly breaking new lows near 114 a pound while feeder cattle prices for the August contract are basically unchanged for the trading session 152.50 dropping around 800 points in the last couple of weeks right at fresh 8 week lows on pessimism of a lack of demand and an outright bloodbath in the commodity markets today. Lean hog futures which have been doing very well right near 8 week highs are down 100 points at 91.35 in the August contract. The commodity markets yesterday were sharply lower in a mass liquidation pushing crude oil futures to new yearly lower lows as well as the stock market and the metals markets both sharply lower across the board an outright pessimistic view of the economies throughout the world since the Federal Reserve yesterday lowered their GDP forecast here in the United States causing liquidation of all assets in the last couple of days. Cattle prices have been directly affected by the rise in corn prices this week which rallied about 60 cents due to U.S drought conditions causing farmers to send their cattle to slaughter as it is getting too expensive to feed them hurting the bottom line.
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