As one might expect, the big Monday morning cattle market surge spilled over into the hog pit, with most nearby contracts posting varying gains. A significant portion of that strength may also reflect bullish expectations concerning the short-term hog outlook, since cash prices traditionally rise moderately during late January and early February. The fact that the CME lean hog index remains at a noticeable premium to the nearby February future also seems very supportive. On the other hand, having Monday morning direct market quotes follow the losses posted last Friday with indications of persistent weakness probably limited the Chicago strength. February hogs had gained 0.40 cents to 87.22 cents/pound just before the lunch hour, while June futures had also climbed 0.40 cents to 97.47.
Surging cattle futures overshadowed events in the other pits
- Dairy promotion directors elect board officers
- USDA Farm Service Agency county committee elections begin Nov. 3
- Surging U.S. dollar values weighed on ag markets Friday morning
- Dairy markets: It's a bear out there
- The other crops couldn't duplicate Thursday night soy gains
- Minn.’s Peterson aims to hang onto House Ag Committee role, seat