Hog futures are trading higher at midday but well off the early highs. Given current price levels in futures, and building support in wholesale pork cuts, it appears nearby hog futures are at or near support levels. Traders are closely following nearby contract months as this will focus on demand levels through the end of the year. In addition, the shifting supply and demand situation during the first half of 2022 is helping stimulate late-week buyer interest. Pork export sales for the week ended Oct 7 were up 51% from the previous week and 9% from the prior four-week average. The leading buyers for the week include Japan, Mexico, China, and South Korea.
Cash hog prices are lower on the National morning report and the morning cutout value is also lower.
The Canadian Dollar is trading lower against the US dollar at midday.
For the week ending October 15 the Western Hog Exchange OlyWest 20 weekly price is $2.07/kg dressed, the OlyWest 21 weekly price is $2.29/kg dressed, and the BP4 price is $2.08/kg dressed. This is Kerrie Simpson reporting from the Western Hog Exchange.