Pork Futures: Hogs Firmer On Discount, Fund Buying
CHICAGO - Despite bearish cash hog bids, Chicago Mercantile Exchange lean hogs settled firm on Monday amid October's discount to CME's hog index, short covering and spreading.
29 August 2006
2 minute read
A few traders also bought October as recommended by an agricultural research firm to do so on Aug. 27, which was Sunday.
"Nobody wanted to sell the October discount," a broker said. "Other than that, there was nothing going on because you've got the pit starting to thin out a little before the Labor Day holiday."
October closed up 37 points at 65.40 cents a pound and within Friday's high and low. The contract ended in the middle of its trading range and below 65.70-cent 10-day-moving-average resistance.
December finished 72 points higher at 62.75 cents. The contract closed in the upper half of its trading range and above 62.68-cent 10-day-moving-average support.
Source: FXstreet.com
"Nobody wanted to sell the October discount," a broker said. "Other than that, there was nothing going on because you've got the pit starting to thin out a little before the Labor Day holiday."
October closed up 37 points at 65.40 cents a pound and within Friday's high and low. The contract ended in the middle of its trading range and below 65.70-cent 10-day-moving-average resistance.
December finished 72 points higher at 62.75 cents. The contract closed in the upper half of its trading range and above 62.68-cent 10-day-moving-average support.
Source: FXstreet.com
