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Cash Hogs Continue to Drop



December 2023 Lean Hogs settled at $68.97 on December 29th.  The CME Lean Hog Index is at $71.66.  Cash hogs continue to drop faster than pork which also is moving down. Packer margins are improving and packers are keeping slaughter at the levels where they maintain profits and killing no more than needed. Trading was light Wednesday with the few speculators still in December getting out and moving to 2024 contacts.


Trading slowed Wednesday. Essentially futures trade has shifted 2024. Traders are expecting boxed beef volatility for December 2023 and with the majority of speculators out of December, the few speculators left with the hedgers will decided to keep or drop contracts before first notice day.  The larger speculators could stand aside during December. The spread between Choice boxed beef and Select has been widening.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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