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.
Cash hogs posted gains today of $0.50 to $1.00. USDA’s limited gathering of cash hog trading noted gains of $3 today. As with the cattle we would expect some type of revision to USDA’s slaughter estimate for hogs from today’s initial 430,000 finding.
Cattle futures stepped back today as the trade’s high hopes for Friday’s cash cattle trading failed to materialize. In hogs, Tuesday was the first full trading day with April as the true front month contract.