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Hog Market Seeing 6-Month Lows
USAgNet - 04/19/2017

Chicago Mercantile Exchange nearby lean hog contracts sagged to six-month lows, pressured by sell stops and fund liquidation, said traders.

According to Reuters, they said bargain buying and expectations of a seasonal cash price turnaround lifted contracts from morning lows.

Lightly traded May closed 0.575 cent per pound lower at 67.150 cents. Most-actively traded June ended 0.850 cent lower at 71.500 cents.

Funds bought cattle futures and sold hogs, said independent livestock futures trader Dan Norcini. Pork packer margins are "phenomenal," which may help support cash hog prices this week, he said.

Tuesday morning's average cash hog price in Iowa/Minnesota was at $56.60 per cwt, up 4 cents in extremely light volume from Monday, the USDA said. Tuesday's average pork packer margins were a positive $32.70 per head, up from a positive $29.10 a year ago, as calculated by HedgersEdge.com.

Pork cutout values may find support at a time when supermarkets are featuring product for outdoor cookouts, said traders.

U.S. government data on Tuesday morning showed the average wholesale pork price up $1.90 per cwt from Monday to $76.86.

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