Hogs: This market is still in the process of finding how low it can go right now. March is typically a tough month for pork demand in front of Lent. Additionally, there is a little bump in pork production in the month. This time, we have the overhang of a little extra chicken production from previous weeks.
Cattle: The trade got excited today over news that Texas traded $1 higher at $112. This makes it five weeks of higher prices. Nebraska traded numbers earlier at $180. This was equal with the top of last week’s market. Volume in the north was said to be incomplete. Feedlots are holding out for $181 and $182 now. Last night we pointed out how seasonally, cash cattle rallies until the third week of this month before breaking into summer. It still appears we are on that higher path…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.