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
- Boggess named U.S. Dairy Forage Research Center director
- DHM Markets/Marketers: Product prices, April margins, dairy CPI
- Grain futures lagged the other ag markets Wednesday
- Inlets essential to tunnel ventilation success
- Soy, cotton futures led the ag markets Wednesday morning
- Ice cream makers scoop up awards for innovative flavors