CHICAGO (Dow Jones)–Deeply depressed equities markets and profit-taking
after Chicago Mercantile Exchange hogs’ modest bounce Monday will pressure
futures early Tuesday.
Futures on the Dow Jones Industrial Average are down more than 200 points
amid worries that Greece’s dept problems will spread into other European
countries which again boosted the U.S. dollar.
Domestic and foreign pork consumers may switch to less-expensive alternative
meat protein as anxiety about their personal finances build. And, the surging
dollar usually curbs U.S. exports for such products as pork.
Meanwhile, expectations for steady-to-lower cash hog prices is another
negative market influence as packers curtail supply needs ahead of the Memorial
Day holiday. And, Monday’s wholesale pork price was unchanged due to tepid
retail buying interest for fresh pork before the holiday.