Pork Futures: Lean Hogs Closed Moderately Higher
CHICAGO - Lean hogs closed moderately higher on short covering, talk of better cash bids for next week, and June/July bull spreading against funds that moved some of their spot-June positions into July and August as the Goldman Roll wound down.
12 May 2007
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CBOT corn's jump, July hogs oversold chart condition, and June and July trading in line with CME's hog index also stirred potential buyers who earlier were mere observers.
Lightly traded Missouri direct and terminal cash markets offered little direction for market bulls and bears alike to follow. But, pork futures appeared to establish an undertone of bullishness as CBOT sprinted upward and midday cash quotes at major direct hog markets came in mostly firm.
Hog-pit buying increased after June bounced off 10-day moving average support, and July attracted interest around Thursday's 73.97-cent close.
Country hog buyers anticipate a mixed cash trade on Monday. However, hog market bulls are confident that processors will raise bids due to widening calculated packer profit margins, tight supplies and persistent pork cutout strength.
The May lean hog contract is schedule to expire on Monday at 1 p.m. EDT (1700 GMT).
Source: FXSTREET.com
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