Morning Ag Markets – Pete Loewen 9/12/18
Lean hog futures had a fairly aggressive setback yesterday and the cattle complex was lower as well, but only mildly. Friday’s sharp jump in cattle and Monday’s early follow through broke some key technical barriers that are still in play on the bullish side. Cash last week moving $1 higher helped the cause as well. There’s a small bearish dilemma brewing with the product market heading south, but packer margins are still strongly positive, so I’m not overly concerned about that just yet. The other supporting factor to the meat complex is cash hog values finally finding strong support and they have shot up more than $10/cwt since the start of the month. The spread between cattle prices and hog prices, especially in the product…