Cattle markets head into the new week with a fair bit of uncertainty and plenty of questions tied to Thursday’s USDA reports. For instance the Prospective Plantings report—fewer corn and soybean acres than expected—boosted spot grain cash bids and futures prices significantly higher when it came out during trading hours on Thursday, despite sharply higher stocks. With futures and equity markets closed in observance of Good Friday, there was no chance to judge follow-through action. Likewise, the quarterly Hogs and Pigs report came out after futures trade on Thursday. It has the inventory of market hogs (66.7 million head) 3% higher than the previous year, though 1% less than the previous quarter.
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