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Market Commentary: Thursday, February 22/18

Transcript

Hog futures trade is holding firm support. Firm follow-through support has quickly moved into the hog complex with prices 80 cents to $1 per cwt higher during most of the morning trade. Price levels have changed very little after initial position taking developed and increased volume was seen through the complex. The inability to move prices higher is focusing on the overall lack of new interest seen in the market, although prices have broken through last week's highs in search of additional underlying support.

Cash hog price range is expected to be steady to $1 lower with most bids called steady to 50 cents lower. Cash prices are lower on the National and unreported on the Iowa Minnesota morning reports. The cutout value is higher. 

The Canadian Dollar is trading lower against the US dollar this morning. 

For Thursday, February 22, the Western Hog Exchange OlyWest price is $1.529/kg dressed and the OlyWest plus price is $1.539/kg dressed. This is Kerrie Simpson reporting from the Western Hog Exchange.