Ag markets were mixed early Tuesday morning
The hog market seems to be trying to post a short-term bottom at this point. Futures had reached substantially oversold levels Monday, then tried to mount a comeback with mixed success. Surprising firmness at direct markets west of the Mississippi River and a firm afternoon reading for pork cutout offered some support for bullish positions. Whether bullish interests will prove able to sustain a significant rebound is open to question, as exemplified by the mixed nature of overnight trading. April hogs slipped 0.32 cents to 81.57 cents/pound in pre-dawn trading, while June edged 0.10 cents lower to 90.95.
Cotton futures fell in apparent reaction to weak manufacturing news out of China Monday morning. However, the drop was probably exaggerated by the large decline in U.S. equity markets later in the day. Thus, the overnight stock market bounce may have played a role in the concurrent rise posted by ICE cotton values. There was little news pertinent to the cotton market. May cotton rose 0.55 cents to 80.77 cents/pound early Tuesday morning, while December climbed 0.41 cents to 82.92.
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