Hogs build on strength

“Hogs built on this week’s strength early in today’s session and moved up for a test of the contract highs on the December contract before pulling back late in the day,” The Hightower Report said. “Support comes from the technical breakout this week of the recent sideways pattern.”

“The live cattle and especially feeder rally has accelerated into new highs again today, but prices pulled back off the highs toward the close,” The Hightower Report said. “No cash trade reported today in any of the major regions. But a firm tone is expected this week with packer margins profitable, kill rate increasing, and strong feeder auction prices. Mexico has taken the place of the United States as the second-largest destination for Brazilian beef exports following recent implementation of a 50% tariff.”