The Chinese pig herd shrank by 32.2% in July from the same month a year ago, according to Allendale.
A couple of factors may be easing pressure on cattle, The Hightower Report said. High beef prices (the highest since June 2017) are helping packer margins, while slaughter for the week may not be as high as feared. “There is no technical sign of a low, but if there is a sense that the industry can deal with the plant fire issue without building a massive supply of market ready cattle, futures look undervalued,” they said.
