Pork Futures: Hogs Mixed On Soft Cash, Spreading

CHICAGO - Chicago Mercantile Exchange hogs settled mixed on mostly lower cash bids, April/June and April/July bear spreading and considerable technical resistance. April and June's bearish premiums to CME's hog index contributed to front-month pressure.
calendar icon 16 March 2007
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Back-month hogs ended slightly weaker after being pulled around throughout the session by Chicago Board of Trade corn contracts that softened prior to lean hog's settlement.

Spot April closed down 35 points at 65.87 cents a pound.

Actively traded June closed up 25 points at 75.90 cents.

Pork futures were in conflict at the start because of pork cutout's rebound on Wednesday and steady to as much as $3 per hundredweight lower initial cash quotes at Missouri direct and terminal hog markets. Subsequent uneven cash returns at major direct outlets offered little for bullish investors to cling to.

However, April and June attracted buyers after both contracts approached Wednesday's lows. And, despite talk of extended cash pessimism for Friday's trade, speculative bulls prefer to look ahead to the following week's cash trade.

Source: FXSTREET.com

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