Weekly Purcell Report

by 5m Editor
7 April 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 rampaging April lean hog contract rode the strength of growing demand in the export arena to a price as high as $68.15 on March 29.

Since that date, the market has lost essentially $5 per hundredweight with Tuesday's action around $63.50.

I would hold short hedges in this market until we see more signs of bottoming action than we are seeing to date on this April contract.

I've been suggesting short hedge protection on nearby hogs and wanting to wait on the summer hogs with the July contract exploding to the upside in Tuesday's session to a $72.50 close.

5m Editor