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Cattle futures were pummeled as the news of the avian flu virus in dairy cattle continued to circulate. Funds continued to liquidate long positions. Hog futures found substantial strength as they were benefiting from the avian flu virus and reacting to strong cash and cutouts for much of the week.
Cattle futures tried to push higher Tuesday but could not hold early gains into the close. Higher cash is already factored into the market. Hog futures had a large price swing, but either challenged or made new contract lows by the close.
The pressure was on cattle futures again Tuesday with feeder cattle posting substantial losses. Early cash trade showed further weakness. Hogs held their own as futures consolidated despite higher cash Monday and a possible turn in trend.
Missouri Gov. Michael L. Parson filed an official request with the EPA last week to make a change to federal law for the state to allow permanent year-round E15 sales.
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