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The concerns over potential Russian demand for poultry and pork combined with the seasonally tight supplies of hogs pushed futures into new highs on Thursday. The smaller numbers of market-ready hogs have packers scrambling to buy hogs. Pork cutout values were up just .03 yesterday which means packer will be squealing about margins. Futures gapped higher and appear to be heading for contract highs. However today we are looking some profit taking early after this weeks rally.
Soybean Exports Continue to Shine
Soybean export sales seem to be on fire. With old crop export sales at 12.5 million bushels and new crop export sales at 42 million it comes in well above the highest trade estimate going into today’s report as the trade was expecting the high end of combined export sales in the 38.6 million bushel range...This exports recap is prepared by Allendale Branch Manager Rich Mosier. Please contact Rich @888-439-3636 with any questions.
Allendale Monday Research Meeting Bits & Bytes
Listen in on bits and pieces of our weekly research meeting. New videos posted every Tuesday morning. If you would like more information or to discuss any topic further call us at 800-2MARKET (262-7538).