Weekly Purcell Agricultural Commodity Market Report Wayne D. Purcell Agricultural and Applied Economics Virginia Tech

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The monthly Hogs and Pigs report was generally positive, and we have seen closes above downtrend lines on the April lean hog futures on Friday and Monday.

That April contract may have potential to correct back up into the $57 to $58 price range, but it is likely to be slow in developing.

If we do get a rally of that magnitude, the July may challenge the late December chart gap up around $63, and these rallies should be seen as pricing opportunities on the spring and summer futures.

With cheap corn, lean hog futures at $60 or above are profitable and those profit windows do not usually stay open very long.