CME traders are also anticipating seasonal strength in cash hog and wholesale pork values through mid-February, but those markets are not cooperating very well with bulls in that respect. That is, the CME lean hog index has only inched its way higher lately and remains at a modest discount to the nearby February futures price. It is expected to slip 0.05 cents to 84.59 cents/pound Wednesday. Meanwhile, pork cutout has demonstrated little strength during the first two weeks of the year. A sustained cattle market advance might also go far in boosting the hog and pork complex, but that market has not been acting very well lately either. February hogs rose one tick to 85.25 cents/pound at the Tuesday close, while June futures fell 0.25 cents to 96.60.
Crop markets generally strong on Tuesday
- DHM Markets/Marketers: CA Class 1 dips
- WASDE: 2014 dairy, beef price projections raised
- Crop markets quite mixed after WASDE report
- USDA raises corn export forecast by 25 million bushels
- D.C. Watch: Apply for disaster assistance by April 15
- IMI Global acquires Merck Animal Health's verification business