Pork Futures: Hogs, Bellies Mostly Firm Before Holiday
CHICAGO - Chicago Mercantile Exchange lean hogs settled mostly firmer Friday on short covering, fund buying and spreading as traders worked positions ahead of the market's early close and before the three-day Labor Day holiday weekend.
2 September 2006
2 minute read
Thursday's pork cutout slide, areas of cash weakness and higher hog slaughter rates limited the board's upside potential. October's discount to CME's hog futures and fund longs shifting some of their positions into December in advance of the Goldman Roll late next week minimized some contract losses.
"Today (Friday) was an adjustment to spreads that were out of line on Thursday," a veteran hog trader said. "Friday's trading range was fairly tight which was expected because nobody wants to go home with any big positions only to get blindsided by unexpected news on Tuesday."
October closed down 35 points at 66.55 cents a pound and near a session low.
Source: FXStreet.com
"Today (Friday) was an adjustment to spreads that were out of line on Thursday," a veteran hog trader said. "Friday's trading range was fairly tight which was expected because nobody wants to go home with any big positions only to get blindsided by unexpected news on Tuesday."
October closed down 35 points at 66.55 cents a pound and near a session low.
Source: FXStreet.com
