fundamental reason for the summer futures to dip today. For that matter, when the day's data came in, there seemed to be very little justification for the ZZZs to dip either. Sometimes technical/emotional factors start running wild causing hog futures to become mis-priced. Today may have been one of those days. If tomorrow it appears some strength surfaces in the summer futures, I may pile a few more on my boat at the risk of taking a trip to Abilene with you.
The fact remains that cutouts were up again today, the kill was not too strong and the impact of the ASF virus is still an unknown that may cause world pork production to drop.
As usual we have interesting times in the hog market.