Weekly Purcell Report

by 5m Editor
22 January 2003, at 12:00am

US - Agricultural US Commodity Market Report by Wayne D. Purcell, Agricultural and Applied Economics, Virginia Tech.

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Weighted average cash prices in the slaughter hog market early this week are in the $45-$46 area on the carcass-based prices, which puts us in the low-to-mid-$30s on a live basis.

February hog futures are in the $51-$52 area and July is trading about $10 higher around $61.

I have said in recent letters that I would sell a rally in the July back up toward what appears to be a double top around $63.80, and I would continue to give that line of advice.

I would be an aggressive seller on the late spring, summer and early fall contracts if that July contract can rally back above the $63 level.

5m Editor