The first of five days of the roll, which consists of funds shifting some of their spot-month June long positions into July and August, will officially begin Monday and is tied Goldman Sachs Commodity Index.

CME live cattle closed weaker and feeders ended mostly firm.

Lean hogs' opening spike was driven steadily to as much as $2.50 per hundredweight higher cash bids and Iowa/Southern Minnesota hog weights that suggest that producers are current in marketing their hogs.

Board advances pushed June and July through key technical resistance barriers where nervous longs were ready to pounce. Selling developed when June reached 76.00 cents, which was an area of 10-day moving average and psychological price resistance.

June's and July's subsequent retreat below major technical support points also put potential buyers on the defensive despite positive influence from Chicago Board of Trade corn rally.

While country hog buyers anticipate steady to firm cash bids Thursday, hog market bears cite thin packer profit margins as a reason for a possible cash top soon.

What's more, bearish traders point out that daily slaughters averaging about 400,000 head so far this week might prompt processors to further trim loin and butt prices even more to maintain pork-product retail buying interest.

Source: FXSTREET.com