Hog futures are trading substantially lower at midday, driven in large part by weak export sales. Pork net sales were down 37% from the previous week and 43% from the prior four-week average. The three primary buyers were Mexico, Japan, and South Korea. At this point, it seems like traders are more interested in working the complex lower after running it to contract highs last week. It's unlikely that the market sees much support arise before today's end, as the cash market will likely close lower and pork cutout values are likely to see pressure as well.
Cash hog prices on the National morning report are lower, the morning cutout value is little changed.
The Canadian Dollar is trading lower against the US dollar at midday.
For the week ending Aug 19, the Western Hog Exchange OlyWest 20 weekly price is $2.81/kg dressed, the OlyWest 21 weekly price is $2.79/kg dressed, and the BP4 price is $2.69/kg dressed. This is Kerrie Simpson reporting from the Western Hog Exchange