Pork Futures: Hogs Tumble

Lean hogs jumped at the start, ignited by short covering and further pork cutout gains on Wednesday. Generally higher cash prices and initial fund buying drove spot-June beyond 100-day moving average resistance.

Furthermore, the "psychology" of the market's upward momentum kept nearby July well above initial first-level 100-day and secondary 40-day moving average support markers.

Meanwhile, deep hog trading month options received an added boost from CBOT corn that gained in overnight trading activity. By the same token, back-month hog buying interest fizzled after CBOT corn futures ultimately faded.

Also, despite additional positive cash news, front-month hogs slumped after buying interest took a back seat to some bullish traders who rang the register a day in advance of the weekend.

"A few guys did that to beat the rush on Friday," broker said.

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