Wholesale pork is now at its highest level since Feb. 22. Cash hogs are at their highest level since Jan. 29. It is great to see this market is reacting to lower supplies that are now being offered. Our only real criticism of this rally is that it is coming very slowly.
Monday's lean hog 418,000 head kill was a little under our initial 428,000 head estimate. In live cattle, with larger showlists starting out the week, due to the lower volume of sales on Friday, the trade should take a negative view on cash cattle pricing.
On Friday, March 6 the U.S. jobs report hit the wires.
Equities were trading higher in premarket, and the previous session we had seen strong sell-off followed by an equally strong high-volume rally. No one was expecting the massive sell-off that was about to hit the stock market when the good jobs numbers were posted.