Pork Futures: Hogs Lose As Corn Fades
CHICAGO - Lean hogs finished lower on profit taking by longs after Monday's run-up, that day's pork cutout lapse and loss of earlier CBOT corn support.
18 April 2007
2 minute read
June and July hogs were also under considerable pressure because of their bearish premiums to CME's hog index after the April contract exited the board on Monday.
Pork futures' bearish tone was also attributed to front-month hogs' "way overbought" Relative Strength Index conditions and shrinking calculated packer profit margins.
Processors in parts of the Midwest on Tuesday upped cash bids more than $3.00 per hundredweight with country buyers expecting cash advances to extend into Wednesday. However, long-hog position holders are concerned that lofty cash prices may further strain packer profits that could result in lower cash bids by late Wednesday or Thursday.
Source: FXSTREET.com
Pork futures' bearish tone was also attributed to front-month hogs' "way overbought" Relative Strength Index conditions and shrinking calculated packer profit margins.
Processors in parts of the Midwest on Tuesday upped cash bids more than $3.00 per hundredweight with country buyers expecting cash advances to extend into Wednesday. However, long-hog position holders are concerned that lofty cash prices may further strain packer profits that could result in lower cash bids by late Wednesday or Thursday.
Source: FXSTREET.com
