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Pork Futures: Hogs Finish Down Hard
CHICAGO - Chicago Mercantile Exchange lean hogs closed sharply lower on news that Russia banned product from four U.S. pork plants, fund liquidation and longs that rolled out of June into July and August.The CME's cattle complex ended lower while pork bellies settled mostly higher.
Despite $1 per hundredweight higher Missouri direct cash hog quotes, pork futures slumped at the start due to Monday's pork cutout price dip and follow-through selling. Also, June's overbought Relative Strength Index situation and front-month premiums to CME'S hog index repelled potential buyers.
However, word that Russia de-listed four U.S. pork processing plants for unspecified reasons caused the most damage to hog contracts on Tuesday. The ban goes into effect on May 5, according to the U.S. Department of Agriculture.
Heavy fund liquidation erupted after July fell below key moving average support levels which also tripped sell stops. And, Chicago Board of Trade corn's eventual slide dragged down deferred-month hog options that earlier were pressured by considerable front-end losses.
Country hog buyers anticipate mixed live hog bids for Wednesday. Some packers look to fill-in inventories while others attempt to corral elusive calculated profit margins.
Source: FXstreet.com
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