Weekly Purcell Report

by 5m Editor
27 October 2004, at 12:00am

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

Watch the lean hogs for December. We are over $6.00 off the September high of $71.80 with limited potential to challenge that high again.

I would look at selling to place short hedges on a rally back to the $68.50 to $69.00 range or on a close below the trend line hooking lows in late May, mid-August, and early October.

This is a major end line and we could see a significant dip in this market if beef shipments to Japan open up again in the presence of seasonally large daily slaughter levels during November.

5m Editor