Weekly Purcell Agricultural Commodity Market Report 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.