Hog futures are trading lower in all months with traders focusing on the overall lack of buyer support willing to move into the market. There is growing support for market stability in deferred contracts, while the weakness that has moved into the cattle trade is starting to erode overall market gains through the rest of the trading session. February futures are trading 80 cents per cwt lower with the rest of the market stuck in a narrow range lower.
Cash hog bids are expected to be steady to $1 lower. Bids are currently scattered through the range. Cash prices are slightly higher on the National and on the Iowa Minnesota morning reports. The cutout value is also slightly higher at midday.
The Canadian Dollar is trading lower against the US dollar this morning.
For Friday, January 19, the Western Hog Exchange OlyWest price is $1.599/kg dressed and the OlyWest plus price is $1.609/kg dressed. The OlyWest weekly price is $1.603/kg dressed and the OlyWest plus weekly price is $1.613/kg dressed. This is Kerrie Simpson reporting from the Western Hog Exchange.