The big Monday cattle rally probably pulled CME lean hog futures upward as well, although bulls in the swine pit could also point to the discount built into nearby hog futures with just over two weeks before the February contract expires. However, the cash markets are not cooperating well with those in the bullish camp. For example, the CME lean hog index seems set to turn downward when the official quote is released Wednesday morning. Moreover, Tuesday afternoon cash reports imply further short-term losses. On the other hand, a big surge in pork loins boosted cutout after the Chicago pit session had ended, which may bode well for the Wednesday opening. February hogs had slipped 0.07 cents to 87.10 cents/pound at the Tuesday close, whereas June futures had climbed 0.52 cents to 98.17.
Grain, livestock markets decidedly mixed on Tuesday
- First sights of World Dairy Expo 2014
- Slideshow: World Dairy Expo opens to big crowd
- 2014 Dairy Herd Management Innovation Awards announced
- Early Wednesday World Dairy Expo photographs
- Select Sires offers new ear-tag based herd management system
- U.S. dairy decries EU-Canada trade agreement market barriers