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Jim Long's Pork Commentary » January 19, 2009 January 19, 2009Pork CommentaryBy Jim Long President - CEO Genesus Inc. Rough Week For Lean Hog FuturesFriday to Friday, February Lean Hog Futures dropped from 62.45 to 55.95, April 68.60 to 66.02. In May, 80.42 to 77.27. There is little market momentum. USDA Pork Cut - Outs were 56.26 while Iowa - Minnesota's lean hog price was 56.76. Packers are bleeding. They have negative margins. Producers are losing about $25.00 to $30.00 per head. Packers are probably minus $10.00 per head. Not much to be positive about. The war of attrition continues. Is There a Pony in this Pile of Manure? We will never stop looking!!
This coming week we will be at the Minnesota Pork Congress. The following week we will be at the Iowa Pork Congress. Come visit us at the Genesus Exhibit. We also invite you to the Genesus Reception at the Holiday Inn downtown Wednesday from 5:00pm to 8:00pm. Details are available in the Genesus Newsletter below.  Summary A packer called us last week and took dispute with our belief in 90 cents plus lean hogs coming this year. They are seeing tough margins, lots of supply and have concern for exports. Maybe they are right. We believe that weekly hog marketings will be 1.9 to 1.95 million in May – June. The packer agreed. There will be less chicken, less turkey, and less beef domestically and globally. High feed prices in 2008 have decimated all meat sectors. There are no factual indicators of declining pork exports. We are holding in our belief in 90 cent plus lean hogs. We Want To SayWe all saw the plane on the Hudson River. The skill of the pilot was extraordinary. The truly special picture to us was the flotilla of boats that came to the rescue of their fellow citizens. As a Canadian, and a foreign observer, it captured for us the essence of America. Problem!! Do something about it. It was individuals who acted. They didn’t wait for instructions. They reacted with decisiveness. There was little time, they had a choice and they made a choice. Women and children first, no one left behind. They saved the passengers. A can do spirit that is the essence of America. Quote: “Let’s roll” – Todd Beamer, a passenger on doomed flight 93 as he and others moved to overcome the hijackers.
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