Market Activity

Hog slaughter finished the week at an estimated 2.5 million head. Strong kills continue to keep a lid on porcine MBM prices, despite a very favorable relative price to soybean meal. Over the last six years, prices have increased in February relative to January 50% of the time, but March has increased relative to February in eight of the last eight years. While heavy supplies are keeping prices in check in the short term, seasonal trends and the favorable…