Pork Futures:Hogs Mixed; Short Covering, Cattle Plunge

US - Chicago Mercantile Exchange hogs settled mixed Thursday on short covering, spreading and cattle futures' dramatic late-day sell off. Hog's subsequent pullback reversed short covering gains experienced after the board's opening slide.
calendar icon 30 June 2006
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A portion of pork futures' underlying support was attributed to fund buying, buy stops and traders evening up positions as the final day of the month and the end of the quarter draws near.

Participants also balanced accounts ahead of the Independence Day holiday next week and in advance of the federal government's quarterly hog survey that will be available on Friday at 2 p.m. CDT.

The following estimates are in percentages of the year-earlier figures. High and low projections are included in the table but were dropped in the calculations of the averages.

Source: Cattle Network

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