Lower hog trade ahead of Wednesday’s report.

Lower trade was noted for hog futures today. Futures are implying the year's peak for the seasonal cash hog rally is about over. But we do have some big questions still in front of us. Recession talk remains in place. Pork export sales are under USDA's hope. On the other hand Smithfield's breeding herd reduction, Wednesday's H&P numbers and China's awkward COVID recovery are balancing factors.

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