Hogs finally stabilize. Still no confirmation of rumors.

Cattle on Feed this afternoon showed February placements, new inflows into feedlots, were -6.3% from one year ago. The trade expected -6.0% (ALDL -3.1%). That would mark six months in a row of declines. These six months average -5.4% from last year. Though lower than last placements, and the implied beef production shortfalls later this year, are supportive this has long been expected. USDA has -7% year over year beef production for both Q3 and Q4.

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