After surging in reaction to the bullish December 21 Cold Storage report on Christmas Eve, hog futures gave back a portion of those gains Wednesday. CME traders expecting the cash and wholesale situations to favor bullish interests after January 1 pushed prices somewhat higher yesterday morning, but ultimately proved unable to prevent a modest daily setback. Traders may have been reacting to weak wholesale quotes, despite the fact that direct market prices across the Corn Belt rose substantially. Their premiums to spot values may have handicapped bullish efforts to push them even higher. They slipped further in overnight trading. February hogs were down 0.17 cents to 87.27 cents/pound and the June contract dipped 0.20 cents to 100.45.
Exports dominate corn, soybean markets on Thursday