Weekly Purcell Report

by 5m Editor
21 January 2004, at 12:00am

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

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The hogs should have been helped by the December 23 announcement in the cattle sector and the February hogs did, in fact, rally and traded up as high as $56.10 on January 5.

This market then backed off and gave much of the gains back down toward $51.75 at the beginning of last week and is now rallying again.

This market should go above the January 5 high at $56.10 and may approach the early November highs just below $60. Replace short hedges on February and April if the $60 level is challenged.

5m Editor