ThePigSite Latest News
Pork Futures: Hog Complexes Settle Higher
CHICAGO - Pork bellies settled up sharply with July and August hitting limit up. Live cattle and feeder cattle posted considerable gains as well, reports FXStreet.Chicago Mercantile Exchange lean hogs closed higher on general cash hog price strength, fund buying and the traders with long positions rolling out of June into July.
Lean hogs rose slightly at the open, prodded by warmed-over buying and Wednesday's sizable pork cutout price increase. Steady to $3 per hundredweight higher quotes for Missouri direct hog inspired speculative longs, sending shorts running for cover and catapulting the May contract to a new contract high.
Spot-June and nearby-July picked up more ground after both contracts broke free of psychological resistance barriers. The upsurge caught the attention of funds, triggering additional buy stops and emboldening June/July forward spreaders.
Meanwhile, deferred-month hogs responded favorably to spot-June and nearby-July's sharp rise and triple-digit gains in Chicago Board of Trade corn futures. April and 2009 June hogs posted fresh seasonal highs in the process.
Country hog buyers anticipate flat to firm cash hog bids for Friday, the eve of Saturday's estimated 40,000-head comparatively modest kill as packers try to get a grip on elusive profit margins.
Friday typically features position squaring before the weekend. And, after futures racked up impressive rallies recently, bullish traders Friday may be compelled to ring the register before the weekend.
June lean hogs closed 120 points higher at 76.47 cents a pound, and July closed 180 points higher at 77.10 cents.
May pork bellies closed 240 points higher at 78.70 cents. July ended 300 points higher at 79.77 cents.
View the FXSTREET story by clicking here.
ThePigSite News Desk
Latest Pig Industry News
High Commercial Fertilizer Cost Makes Livestock Manure Fertilizer More Attractive
Market Preview: Expect Congress to Override Farm Bill Veto- Weekly Review: Feeder Pig Imports Cause Surprise!
Intervet / Schering Plough Animal Health at VIV Europe in Moscow.
Pig Industry Gets Royal Backing- Federal Cull Program Moves to Phase II
- LMPR Law Creates Transparency and Accuracy
- Record Setting Texas Ag Goes Through the Roof
- Legal Defense Tries to Stop Animal ID in it's Tracks
- Management Helps Maximize Value of Livestock Manure
