May 21, 2012 -- Updated December 06, 2011 05:34 HKT
US Agriculture (Meats) Market Report
US Agriculture (Meats) Market Report
Hog Market Recap
Feb Hogs closed sharply lower on the session for the 3rd day running and closed near the lows for the 3rd day too.
The market is already down as much as 442 pts off of Wednesday’s highs. The market traded moderately lower on the session early finding fairly aggressive technical selling to push futures to the lowest level since November 14th.
Cash markets from terminals traded steady to 1.00 lower. Weakness in Pork cut-out values late Friday added to the negative tone.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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Iowa/Minnesota direct trade for the morning came in at an average price of 84.56 which was up 0.34 and this helped provide some support. The limit-down break in Cattle added to the negative tone late in the session.
Cattle Market Recap
Feb Cattle closed limit-down and closed at the lowest level since September 23rd. The market saw follow-through technical selling from the weak technical action from Friday to push the market lower early in the day and a weaker economic tone with increased European debt concerns and downgrades plus the firming trend for the USD and a drop in Gold helped drive the market sharply lower late in the day.
Outside market forces including a strong stock market helped to provide some support early, but weakness in the Beef market in the past week helped to spark selling pressures into the mid-session.
Boxed-Beef cut-out values at mid-session came in at 190.33 which was down 0.68 from Friday and down from 195.93 last week at this time.
Paul A. Ebeling, Jnr.
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