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Market Commentary: Monday, March 19/18


Hog futures are trading lower in all months. Losses in the hog trade have expanded through the morning with current losses seen from $1.20 to $2.25 per cwt. The most aggressive pressure is seen in spring and summer contracts as traders remain focused on the aggressive outside market pressure and concerns that previous buyer support will quickly erode over the near future. June futures have broken through recent support levels, leaving more room for additional price pressure. This is likely to limit buyer activity in all contracts through most of the day.

Cash hog price range is expected to be $1 lower to 50 cents per cwt higher; bids are scattered through the range. Cash hogs and the nearby April contract both lost more than $2 last week and many expect this weakness to continue for the remainder of March. Cash prices are lower on the National and higher on the Iowa Minnesota morning reports. The cutout value is lower. 

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

For Monday, March 19, the Western Hog Exchange OlyWest price is $1.471/kg dressed and the OlyWest plus price is $1.481/kg dressed. This is Kerrie Simpson reporting from the Western Hog Exchange.