Hog futures are lower in all months but February, pressured by a light round of non-commercial selling. Commercial interests as a whole have moved to the sidelines, indicated by mixed futures spreads. Some of the non-commercial pressure could be tied to outside markets, most notably the nearly 400-point sell-off by the Dow Jones Industrial Average.
Cash hog bids are expected to be steady to $1 higher. The cash hog market has steadily strengthened through the week, virtually eliminating all fear of backed-up marketings and testifying to both current finishing floors and decent packer demand. Cash prices are higher on the National and lower on the Iowa Minnesota morning reports. The cutout value is higher at midday.
The Canadian Dollar is trading sharply lower against the US dollar this morning.
For Friday, February 2, the Western Hog Exchange OlyWest price is $1.603/kg dressed and the OlyWest plus price is $1.613/kg dressed. The OlyWest weekly price is $1.592/kg dressed and the OlyWest plus weekly price is $1.602/kg dressed. This is Kerrie Simpson reporting from the Western Hog Exchange.