April lean hogs traded sharply lower during the early morning hours, falling below last week's low of $87.70 and to their lowest level since January 31. It seemed that much of the early weakness in lean hogs came from a sell-off in global equity and commodity markets and from active long-liquidation selling pressure. Midwest cash hogs traded steady to a $1.00 lower early this morning. Some cash traders indicated that packer demand for hogs was weaker to start the week, which could be a sign that they were already covered. Some insiders were looking for another active slaughter this week, matching last week's pace of around 2.15 million head.
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