USDA estimated the U.S. hog herd has contracted to 73.8 million head as of Sept.1, down 1.1 million head (1.4%) from year-ago and 468,000 head smaller than the average pre-report estimate.
Grain and soy futures traded lower overnight on global economic concerns although soybeans recovered slightly on the open. Cattle futures are mildly higher with lean hogs under pressure to start the week.
Soybean futures drop to two-week lows, corn and wheat also lower on intensifying recession worries.
House Ag panel Republicans want some answers on alleged Biden/USDA overreach using executive actions
No changes to short-, intermediate or long-term trends this week.
Outside markets and global economic concerns weighed on grain and soy markets overnight.
Friday brings key economic and ag sector reports
Davis Michaelsen and Editor Brian Grete discuss this week's market action...