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Hog futures continue to rally on robust cash hog prices, expectations of continued strong demand

Firm cash hog prices continue to underpin the lean hog futures contract. Cash hog prices gained 5% for the week and they are currently as much as 26% higher than a year ago (net price). Interestingly, the IA/MN base price is now running 45% above year ago levels, a clear indication in our mind of the impact that the two new processing plants have had on packer/producer margins.

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