LIVESTOCK-NAFTA worries drag CME hogs from one-year high
By Theopolis Waters / Reuters
January 10, 2018 / 5:02 PM
CHICAGO, Jan 10 (Reuters) - Chicago Mercantile Exchange lean
hogs on Wednesday slid from a one-year top earlier in the
session, rattled by fund selling and Canadian government
concerns over NAFTA talks with the United States, said traders.
Canada is increasingly convinced that President Donald
Trump will soon announce the United States intends to pull out
of the North American Free Trade Agreement, two government
sources said on Wednesday.
Mexico and Canada are among the top destinations for U.S.
"If it (NAFTA) does go away, the hog markets are going bear
the brunt of the selling," said independent CME livestock
futures trader Dan Norcini.
Short-covering and the six-session run up in prices for
slaughter-ready, or cash, hogs freed CME hogs from session lows.
Packers competed for supplies for the first full week of
production after the winter holidays, said traders and analysts.
Increased week-over-week hog weights suggest holiday plant
disruptions and frigid weather backed up pigs on farms, a
Midwest hog dealer said.
Market participants are tracking more wintry weather
entering the Midwest that could hurt hog production in the
February hogs settled down 0.650 cents per pound at
72.525 cents. April ended 1.000 cent lower at 75.775
LIVE CATTLE FUTURES RETREAT ...