The hog market was decidedly mixed Wednesday night. That apparently reflected the conflict between significant cash gains yesterday and the late-afternoon report of sizeable wholesale losses. The fact that spring and summer futures are trading at substantial premiums to the CME lean hog index may be limiting their upside potential at this point. May hog futures slipped 0.25 cents to 89.90 cents/pound in overnight electronic trading, while June inched 0.02 cents higher to 92.50.
Cotton futures rallied modestly Wednesday despite large financial, energy and metal market losses. However, prices suffered a setback overnight. Traders are rather obviously hoping for bullish results on the weekly USDA Export Sales report due out later this morning, but sustained U.S. dollar strength may be militating against increased sales. May cotton had fallen 0.19 cents to 89.03 cents/pound in early Thursday morning electronic action, while December dropped 0.52 cents to 87.72.