Pig Supplies Unusually Slim
Storage of pork bellies fell in April to the lowest level
since 1957 when such statistics were first kept. The down draw in stockpiled
bellies runs contrary to the normal storage trends this time of year. Usually,
pork bellies, which are used for bacon, are accumulated to meet demand for the
heaviest BBQ-ing season during the summer.Â
August pork bellies
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brutal downtrend since the foot-and-mouth-disease scare in Europe has eased and as
perceived, higher demand for the meat has fallen. Bellies have also dropped over
the past two days on expectations that the US would lift a ban of pork imported
from Denmark.Â
Today’s lower storage figures is sparking a reversal in
bellies, which are up 1.350 at 75.050.
Soymeal
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List, is rallying on news of a strike at a soybean crushing plant in
Illinois. Today’s rally is essentially the fifth day of a rally out of a
1-2-3-4-5 Pullback from Highs setup.Â
Tech futures are rallying on good earnings news from
Hewlett-Packard and Ciena. The NDM1 is testing intraday highs and encountering
sales on the highs. S&P futures
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Dow futures
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List are rallying in choppy trade.Â
Unleaded gasoline
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is making good on its Turtle Soup Plus One Buy
setup, continuing its bounce higher off its 50-day moving average. Today’s
outside day bar up is suggestive of an upside test.Â
The Japanese yen
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an eight-day Pullback From Highs setup.