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Recap Hog Market Report
Mon 04 Feb 2013 15:03:13 CT
Related Keywords: Agriculture
Related Keywords: Agriculture
The market closed mixed with February up 42 points and April down 40 on the day. Weak packer margins and weather helped to pressure the market into the mid-session but the market saw some bounce into the close. The market traded slightly higher early in the session but April was down more than 60 lower on the day into the mid-session and down to the lowest level since January 23rd. Midwest cash hogs traded steady to $2.00 higher today as higher pork values late Friday (highest since early November) and ideas that production will decline in the weeks ahead helped to support. However, traders see more normal Midwest temperatures this week as a potential negative force and traders also see weak packer margins as a factor which might limit the upside to the cash. Warmer weather could bring out any hogs which producers did not move last week due to bitter cold weather. News that Russia has banned US pork and beef imports added to the negative tone. The CME Lean Hog Index as of January 31st came in at 88.41, up from 88.25 the previous session. This leaves February at a discount to the cash market. Slaughter for today came in below trade expectations for at just 419,000 head. Slaughter came in below expectations for much of last week but that was likely due to weather issues. Warming weather this week should help boost marketings as long as packer demand is strong enough.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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