Pork Futures: Hogs Advance

CHICAGO - Lean hogs settled moderately higher on short covering, fund buying and October/December forward-spreads during an otherwise uneventful session. Chart-related October buying, and live cattle's steep run up, provided added live hog support.
calendar icon 24 August 2007
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Pork contracts toiled throughout the morning due to the lack of fundamental and technical clarity and anxiety before the start of the Goldman roll period. The roll, which consists of funds moving their October positions into December, is tied to the Goldman Sachs Commodity Index. The move will officially begin on Sept. 10 and conclude on Sept. 14.

Also, some pit-traders remain jittery about the prospect that more speculation about China possibly probing the US market for pork might again seep into the pit.

Cash's generally lower trade went largely ignored by those trading October because of the contract's distance from near-term fundamental influences. Steady to lower cash prices are also anticipated for Friday.

Nonetheless, a trader said, fundamentals will become an issue, possibly after the Labor Day holiday, which is why some people on Thursday were paying close attention to CME's hog index.

Source: FXSTREET.com
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