Hog futures are trading mostly higher this morning with follow through buyer support moving into the complex. Lightly traded spot December contracts remain slightly lower at midday with most of the trade volume in early 2024 contract months. February futures have now moved back above $70 per cwt, rebounding over $3 per cwt from contract lows set early in the week. There is very little additional fundamental market news, which is likely to add significant support to the overall complex, but the ability to put even more distance between current price levels and recent contract lows should help add market support to price levels through the end of the week.
Cash hog prices on the National morning report are higher; the morning cutout value is also higher.
The Canadian Dollar is trading lower against the US dollar at midday.
For the week ending Dec 1, the Western Hog Exchange OlyWest 20 weekly price is $1.78/kg dressed, the OlyWest 21 weekly price is $1.98/kg dressed, and the BP4 price is $1.86/kg dressed. This is Kerrie Simpson reporting from the Western Hog Exchange