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Pork Futures: Hogs Mixed
CHICAGO - CME lean hogs closed mixed on spreaders who sold June and bought spot-April that was also supported by fundamentals. Nearby-June's bearish premium to CME's hog index and fund selling applied added June pressure.Most hog contracts spiked at the start driven by continued pork cutout advances, rising cash hog values and initial short covering. Early purchases also propelled spot-April beyond the 40-day moving average resistance obstacle.
What's more, some back-month hog contracts began the morning in positive trading territory as CBOT corn futures grained ground in overnight action.
Nevertheless, nervous selling into up ticks emerged amid concern about spot-April and nearby-June bearish premiums' to the CME hog barometer.
More nearby-June liquidation developed after the contract tripped stops on the way down which also caught the eye of short-term funds.
Meanwhile, several rear hog contracts turned negative during most of the session. However, some hog longs, armed with sharply higher CBOT corn futures, finally stepped in to protect most deep-deferred month positions.
Source: FXstreet.com
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