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Pork Futures: Lean Hogs Closed Mixed

by 5m Editor
10 May 2007, at 8:30am

CHICAGO - Lean hogs closed mixed on mostly lower cash prices, June/July bull spreading against spot-June longs moving into July and primarily August in accordance with Goldman Roll requirements. Meanwhile, speculative buying lifted far-month hogs in spite of unsupportive CBOT corn contracts.

Pork futures trended lower from the outset after cash prices at the Missouri direct hog market came in steady to down $1 per hundredweight. Cash quotes at direct hog outlets were also mostly lower, and further cash weakness is anticipated for Thursday.

Nonetheless, hog market bulls cling to hope that the seasonal downturn in hog numbers, coupled with brisk wholesale demand, will force packers to raise bids by week's end or early next week. What's more, some potential buyers said that they refrain from putting on sizable positions until after the bulk of the Goldman Roll is completed on Friday.

Rosenthal and J.P. Morgan bought July. Cadent Financial sold July. Fimat and Rosenthal were among June/August rollers.

Source: FXSTREET.com

5m Editor