Hogs: What can you say about a runaway bull market that came out of nowhere? Cash pork prices are booming. We are now up to $6.58 for cash pork over the past six days. Believe it or not but Tuesday's cash pork price is now actually just above that crazy level posted in 2008 at the height of the "China buying pork for the Olympics" story.
Cattle: Enthusiasm continues to pour into cattle and beef. For almost every day of this month, cash beef prices have been plodding higher. We have picked up $7.71 and $7.39 for choice and select in the past 13 trading sessions. More money for beef generally means more money for your cattle. Given the rise in beef we should be able to see $96 cash cattle on Thursday easily…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.