U.S. hog and live cattle futures closed higher on Monday, as meat processing plants begin to open after more than 20 closed down to COVID-19 illness among workers, Successful Farming reports.
Futures were also given a boost thanks to rising pork and beef cutout prices.
Investors say the market is trying to determine how President Donald Trump’s mandate that U.S. meat processing plants remain open to protect the food supply chain will impact packers’ short-term demand for hogs, chicken, and cattle.
On Monday, the U.S. Department of Agriculture reported the daily hog slaughter of 292,000 animals, 37.6% fewer than the same period a year earlier.
Chicago Mercantile Exchange June cattle futures settled up 0.825 cents per pound. CME June lean hog futures settled up 2.800 cents per pound.