Weekly Purcell Report

by 5m Editor
26 May 2004, at 12:00am

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

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You can sketch a trend line across the April 22 low at $70 and last week's price dip to $74 on this June lean hog contract.

This market is showing signs of not being able to surge to still-higher levels, and it is already above prices that I had expected and stands at prices that are very profitable for producers.

The contract high occurred recently at $77.40, and I would be inclined to sell a rally back up toward that high as I watch this June contract and price early summer and mid-summer hogs at the same time either on a rally to the highs or when we see a close below the trend line on the chart.

5m Editor