Corn, soybean markets varied widely Wednesday morning
Despite widespread expectations for a substantial seasonal rally through January and early February, both cash hog and wholesale pork values suffered moderate losses Tuesday. The cash weakness reportedly continued Wednesday morning, thereby exacerbating the surprisingly negative short-term situation. As in the cattle/beef complex, swine traders are very likely anticipating a substantial seasonal rise in wholesale prices, so Tuesday afternoon news of a sizeable drop in pork cutout may have had an inordinate impact upon CME futures. The failure of bullish efforts to support nearby values above their short-to-intermediate-term moving averages may have sparked active technical selling as well. February hogs had plunged 1.27 cents to 85.87 cents/pound just before noon, while June futures had plummeted 1.72 cents to 97.12.
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