Good morning. Lean hog futures resumed their down trend in force yesterday on volume of trade reported at just over 35,000 and open interest rising by nearly 2,500 cars. Open interest was higher in all contracts starting with the June on back. Cash hog prices yesterday were up .50 with prices in the east not reported. The pork cutout can't find any traction and currently sits at a 5-year low. It would appear that Easter demand for hams is
completed. Sources indicated that the pork farm to retail spread is currently record high. Basically this makes featuring pork attractive and certainly much more attractive than beef. Eventually this will play out but will likely be more readily seen in a top in wholesale beef rather than a bottom in wholesale pork. We are positioned from the short side but we still need to sell more hogs. Perhaps we'll get another chance during the first half of March, we'll see.

Still short april, june, & july! Sold april & june this morning, may hold or day trade them.

DH, with the weather so bad in the Midwest lately I am surprised the hogs are still coming to market so strong.

Thanks for all your info!
Dewey