Trader Dan Norcini
Russia has announced a retaliatory ban on food products from nations supporting the sanctions that were imposed on it in response to the ongoing events in Ukraine.
Personally the food ban is going to do nothing except to hurt their own citizens by driving up the cost of food there but it has just knocked a huge chunk of profitability out of the pockets of US livestock producers.
Here are the cattle and hog charts. You can see the carnage that the ban has produced. August cattle are limit down. Feeders were down the limit but have managed to bounce slightly. There is some buying coming into the August fats as it pops off the limit but selling remains heavy at the moment. (more)
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