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
- IDFA urges vouchers under Dairy Product Donation Program
- Most crop futures are starting Thursday on a strong note
- Dairy markets: A mid-week pop to the upside
- As debate rages, GMO labeling votes loom in Oregon, Colorado
- Businesses urge Obama to fast-track Asian trade deal
- Wednesday's CME Dairy Market Recap