Cash hog prices were lower yesterday and called lower again today. This has kept the April contract under wraps even after the summer and fall contracts came to life yesterday. Short covering in the summer and fall was the feature yesterday with total open interest falling by just over 3,000 cars. All contracts with the exception of April posted key reversals yesterday. If the hog & pig does not jolt the market higher on the open Monday, futures may ease back but barring an extremely bearish inventory report, it appears highly likely that seasonal lows were scored on Wednesdays open. The USDA will issue their quarterly hog & pig at 2:00 this afternoon. All markets will be closed when the report is released and all markets are closed tomorrow. Weekly pork export sales were not good, down 31% from the 4-week average. Shipments fared better, at 24,100 MT, they were down just 1% from the 4-week average.
Still Long and Still Wrong!!