Cattle analyst Jim Wyckoff stocks’ world pig headlines from the week
28 July 2023
2 minute learn
August lean hog futures costs past due this week hit a four-month excessive and the bulls are in company near-term technical regulate. That implies extra sideways-to-higher value motion within the close to time period. Essentially, robust shopper call for continues to push the money hog and red meat markets larger. The newest CME lean hog index value is $104.60, up 56 cents from closing Thursday. The initial calculation places Monday’s index determine at $105.26, up every other 70 cents. Just right bacon call for amid height BLT season and value cuts within the meat case are enjoying a task within the ongoing advance in lean hog futures.
USDA July Chilly Garage Document
Finishing U.S. June red meat stockpiles tumbled 42 million kilos from Might to 490.2 million kilos. The decline compares to year-ago and five-year moderate June discounts of four.0 million and 20.3 million kilos, respectively. This newest general represents a 35 million-pound drop beneath the 5-year moderate. The low general and big per thirty days relief spotlight the energetic shopper call for it appears riding the continuing hog marketplace rally.
China’s red meat imports slowed a bit in June however nonetheless smartly forward of year-ago
China imported 130,000 MT of red meat in June. Whilst that was once down 7.1% from Might, it was once up 4.5% from June 2022. During the first part of 2023, China imported 940,000 MT of red meat, up 16.5% from the similar length closing yr.
The following week’s most likely high-low value buying and selling levels:
August lean hog futures–$97.00 to $105.00 and with a sideways-higher bias
August soybean meal futures–$439.00 to $475.00, and with a sideways-higher bias
December corn futures–$5.40 to $5.90 and a sideways-higher bias
Newest analytical day by day charts lean hog, soybean meal and corn futures
