For Tuesday, animal proteins were unsettled, with most of the global grains and overall trade markets uneasy. Several contacts were also out for the week, limiting volume. Extremely limited to non-existent spot trades were reported on poultry-by pet grade and chicken meal markets while feathermeal was under pressure with the continued price drops on soybean meal. Feathermeal values dropped to a low of $550/st for the Mid-South, Delmarva, Alabama/Georgia, and Carolinas for the day.

Feeder cattle cash and CME continue to move in the opposite direction of the agriculture market, due to indications of very short market ready hogs and lower graded cattle. This led packers to “chase” supply and increase trade volume levels to keep slaughter strong for the near term.

For the week ending June 3^rd, 2023, hog slaughter is forecasted at 2.050 million head, a 0.3 percent increase from 2022 and a 14.6 percent drop from the prior week due to the long Memorial Day…