U.S. livestock: Cattle, hogs rally after grocery stores depleted
By Mark Weinraub, GFM Network News
via Canadian Cattlemen - March 17, 2020
Chicago | Reuters — U.S. cattle and hog futures surged on Tuesday, fueled by strength in the cash market as the grocery sector looked to restock shelves following heavy buying during the weekend.
Bargain buying also helped support the livestock market. Both live cattle and feeder cattle futures were recovering from near 10-year lows hit on Monday.
Consumers depleted stores of meat in a shopping spree after governors in multiple U.S. states ordered restaurants shuttered to in-house diners in a bid to control the spread of the coronavirus.
Cash cattle was trading as much as $3/lb. higher than a week earlier and was priced at a $13-$18 premium over the futures market, INTL FCStone said in a note to clients (all figures US$)...