CHICAGO – U.S. cattle futures bounded to a seven-week high early on Monday after a government report on Friday showed a smaller-than-expected feedlot cattle supply.
Volume-leader August cattle has increased nearly 7 percent since last Wednesday, which has some analysts concerned about its ability to advance much more as beef sales should slow after the U.S. Independence Day holiday on July 4.
Hogs advanced, pushed higher by a near $3 jump in the closely watched Iowa/Minnesota cash market on Friday, as
investors are betting a seasonal drop in hog numbers will keep cash going up.
In cattle, Monday's gains were in line with the forecasts that followed Friday's report. The report showed 4 percent more
cattle feedlots on June 1 than a year ago, while analysts, on average, expected 5.4 percent more. Also, that June 1 supply was down 2.5 percent from a month earlier.
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