Russia has eased some restrictions for pork from Canada and Spain overnight. They did not ease restrictions for US pork though. This will be considered a disappointment and may explain some of today's mixed to lower tone in futures. Also a little concerning is cash hogs (at around 60.00) will now look to June futures (closing at 68.00 yesterday) now that May will be expiring. Is the June too high? While we do not think so, in this environment it is likely traders don't want to get too bullish too soon. We are still buyers on dips.
Rich Nelson, Allendale Director of Research
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