I just read this.  I wonder if it applies.

https://www.cisco.com/en/US/products/hw/modules/ps2033/prod_technical_reference09186a00800afeb7.html

How CEF load balancing works 

….

If the destination is on a remote network reachable via a next hop router, the 
entry in the route cache is consisting of the destination network. If parallel 
paths exist this does not provide load balancing, as only one path would be 
used.

….

 

-Aaron

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