Allendale Livestock Wrap-Up for 10/14/2009
Hogs: New highs for this uptrend were reached today. There continues to be interest from outside money in buying hogs. Yesterday’s pork cutout was up and today’s cutout was up $1.01. Expect the higher futures trend to continue. In the short term, we still will point out bulls are running the show. We continue to avoid the sell side, even with our bearish bias for the winter contracts.
Cattle:
Rich Nelson is Director of Research at Allendale, Inc. in McHenry, IL. Allendale is registered with the CFTC and NFA and is a member of the NIBA. www.allendale-inc.com
