Weekly Purcell Report

by 5m Editor
28 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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In hogs, the February contract has moved above some downtrend lines that could be drawn.

I look for cash prices to get better as we move into February when we normally see at least a modest seasonal rally.

With February showing signs of moving higher and not closing the chart gap down around the $54 area from about 10 days back, I would suspect we would have a chance to run up toward the late 2003 highs around $60 on this February contract.

That would be my first price objective. If we could run back up toward the high near $63 from last October, I would think this market needs to be sold and sold aggressively.

5m Editor