Wed 30 Jan 2013 10:56:37 CT
February hogs were down as much as 20 points into the pit opening and down as much as 55 overnight but traded 35 higher on the day into the mid-session. Fears that the shift from warm to bitter cold weather for the next two days in the Midwest could limit marketings helped to support the bounce. In addition, the market is trading at a discount to the cash market which helped to provide some support. Ideas that weather looks mild next week was an offset. A jump in pork cut-out values to the highest level since November 9th late yesterday added to the positive tone and the higher product prices are expected to support better packer margins. The CME Lean Hog Index as of January 28th came in at 88.42, down 9 cents from the previous session but up from 86.46 the week before.
Weekly average weights for Iowa-Southern Minnesota as of January 26th came in at 275.1 pounds, up from 274.9 the previous week but down from 275.5 pounds last year.
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