Cash hog prices were mostly higher yesterday after packers tried to buy them lower. It would appear that leverage is moving away from the packer to toward the producers. The other positive item from yesterday was the downturn in the kill, coming in 20,000 below estimates for the day. Finally, the product seemed to respond rather quickly with a higher quote in the carcass. Pork prices have been stable, edging back and forth on either side of $75.00. Eventually the cutout will jump higher and leave this level in the dust. The weekly kill is projected to be 2.280 million. I’d like to see the weekly kill come in well below this to provide a bullish fundamental signal. We continue to wait and watch for a solid close above $74.50 to signal technical confirmation of a major seasonal bottom. Perhaps today is the day?

Still holding Long June, this could be the day but will it??

Dewey