Hogs: While cash markets are still on shaky ground, it is interesting to see that futures are stabilizing. Lean hog futures have fallen from their 88.71 May peak down to 83.82. June futures are implying that by June 14, it will be down to 81.47. Yesterday we highlighted the price action for cash pork prices from the normal May high down to the June low…Rich Nelson
Cattle: Cash crumbled but futures rally. It is apparent today’s futures rebound was due strictly to the better outside markets. Traders are still feeling the shock of the $3 to $4 decline that live based cash cattle was hit with this week. We will note Nebraska traded $152 on a dressed basis. That was only down $3 on the hook…Rich Nelson
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.