Pork Futures: Hogs Mostly Up But Sell Off Earlier Highs
KANSAS CITY - Selling in the final hour pulled Chicago Mercantile Exchange lean hogs off their highs Monday, but most months still managed to close higher on the day.
27 March 2007
2 minute read
April finished 22 points higher at 63.80 cents per pound, and most-active June ended up 47 points at 74.25 cents.
Profit-taking, futures' premiums to current cash prices and ideas that gains in the cash markets might not be as stout as indicated earlier in the day by some reports, including the U.S. Department of Agriculture's quotes for the western corn belt and national weighted averages, weighed on futures after midday, according to brokers and traders. The USDA's weighted average prices were up $2.24 and $1.17, respectively, at midday.
April and June hogs hit four-session highs before the late sell-off. July and August hit 1 1/2-week highs while October hit a six-session top.
A floor broker said there is still a good deal of uncertainty about when the cash market will be able to mount a sustained seasonal rally with slaughter-ready supplies still large.
Source: FXSTREET.com
