Hog markets saw better signs ahead, but need a gradual rally.
“The market pushed moderately lower on the session into the midday with talk that the rally to the highest level since Feb. 19 was too far, too fast,” The Hightower Report said. “June and July hogs closed slightly higher on the day. These contracts traded moderately higher on the day as traders expect better exports ahead.”
Cattle markets didn’t have enough positive factors and momentum to keep prices moving higher. “Cash trade today was quiet with bids only published at $124-$125, so despite extremely difficult weather conditions forecast for next week, a lack of concrete strength from cash fundamentals was not enough to keep prices moving sharply higher,” Stewart-Peterson said.