Hogs: Traders are hoping to get back to trading pork fundamentals. It has become tiring looking over the shoulder at corn price quotes. On the pork side, we can note slaughter numbers and weights still appear larger than they need to be. Cash hog prices have fallen for three days in a row now.
Cattle: Beef fundamentals are not too bad anymore. It is good to see cash cattle prices hold their ground at this $98 level. That price has been seen for three weeks now. Also, wholesale beef prices are showing some life. Cattle on Feed, out on Friday, may be a sleeper. The trade is looking for placements to be close to last year…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.
