wmeubank@ocp.kcmo.com
GLOBAL ASSET MANAGEMENT
575 W. Madison, Ste. 2607, Chicago, Illinois
(December 18, 1997) HOGS: The pork complex continued to stay fixed in the sideways to lower two-month trading range it has maintained. The market was pressured early by a weak cash hog market and a weak product market sparked by sorry demand. The cash market ended the week with hog tops quoted at $37.00 to $39.00 which was $3.00 to $5.00 lower from the previous week ago. The product sector found heavy pressure for most of the week as it appears that retailers have turned tail after holiday purchases and do not appear to be interested for any product near term. Overall, market internals remain in a fairly weak state with no current signs that improvement will come anytime soon unless the upcoming Quarterly Hog and Pig report has a friendly surprise. Early estimates indicate that there will be plenty of pork for the upcoming year and if new found demand from does not show up via foreign interests it could mean prices could be in a depressed state for awhile anyway. Technically, February lean hogs are in a downtrend, the trend would turn back up on a close above $63.10.
FUTURES STRATEGY–No new strategy at this time.
OPTIONS STRATEGY–No new strategy at this time.
Tony Montini
Hogs
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Cattle
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