Thu 18 Apr 2013 14:19:37 CT
June hogs closed 25 higher on the session with choppy but mostly higher trade. The market traded lower into the pit opening but managed to find solid buying support on the set-back and traded higher on the day into the mid-session and up to the highest level since April 5th. A continued advance in pork product prices this week and continued talk of seasonally strong demand ahead has helped support the gains of the past three sessions. Cash hogs are trading fully steady today. Weekly export sales came in at just 8,300 tonnes. This is only the third weekly report but the weekly sales news is much lower than expected given recent monthly updates. The CME lean index for the 2-day period ending April 16th came in at 81.69 from 81.87 the previous session. Slaughter came in below (just slightly below) trade expectations for the 10th session in a row at 420,000 head which can indicate weaker demand from the packer.
View All Market Commentary
*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.