It is our belief that this rally in hogs is ending. We may not go right back down but certainly, need to see better news in this market quickly. December live cattle futures came within 15 cents of retesting the September 22 mini-price peak.

Lean Hog Fundamental Support

The United States moved to suspend trade benefits for South African farm products on Thursday, escalating a drawn-out dispute over U.S. chicken and meat exports.

Monday's lean hog 418,000 head kill was a little under our initial 428,000 head estimate. In live cattle, with larger showlists starting out the week, due to the lower volume of sales on Friday, the trade should take a negative view on cash cattle pricing.
This week’s run will “almost” be a full weekday kill week for hogs.
One of the discouraging issues regarding this week’s change in supply is just how poorly the cash pork market is taking it.
We are still seeing pressure in wholesale beef; Hogs come out below average.
Cattle and feeders are now attempting to top again.
Crude oil prices are gaining ground as President Obama finally decides to do something about the growing ISIS threat in Iraq.
In both pork and beef, these increasing tensions with Russia are a concern.