Pork Futures: Hogs Bow Before Report
CHICAGO - Lean hogs ended lower, with July and August putting in 5 1/2-month bottoms,in response to Thursday steep pork cutout slide, depressed cash hog prices onFriday and mounting anxiety ahead of the U.S. Department of Agriculture'squarterly hog figures.
30 June 2007
2 minute read
Analysts' forecasts for the top three report categories are as follows:
Average Range All hogs and pigs on June 1 101.4 100.5-102.5 Kept for breeding 100.5 100.0-100.9 Kept for marketing 101.3 100.2-102.7
Additional front-month hog pressure was exerted by bear-spreading out of Julyand August into October and December contracts. What's more, August longsmigrated into October in advance of next month's Goldman Roll.
Far-month live hog buyers recoiled after CBOT corn eased from overnighthighs.
Steady to mostly weak hog bids are anticipated on Monday as processors copewith skimpy profit margins. Also, cash prices, and wholesale pork demand, mayremain under pressure until after Wednesday's Independence Day holiday.
