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Market Commentary: Tuesday, May 22/18

Transcript

Hog futures are under substantial selling pressure with the first five months showing triple digit losses. Uncertainty surrounding the lifting of Chinese tariffs on US pork is a problem. Additionally, some are worried that the board's premium to cash may be exceeding the potential of short term fundamentals.

Cash hog trade opened with bids generally steady. Hog numbers seem to be tightening; much of the cut back will be in a much smaller Saturday slaughter. Cash prices are unreported on the National and on the Iowa Minnesota morning reports. The cutout value is higher. 

The Canadian Dollar is trading higher against the US dollar at midday. 

For Tuesday, May 22, the Western Hog Exchange OlyWest price is $1.566/kg dressed and the OlyWest plus price is $1.576/kg dressed. This is Kerrie Simpson reporting from the Western Hog Exchange.