Pork Futures: Most Hogs Weak
CHICAGO - Lean hogs settled mostly weak on profit taking, fund selling and October/December bear spreads that some attributed to pre-Goldman roll activity.Also, October slipped beneath 100-day moving average support while December's40-day moving average resistance stood in the way of that contract's upward mobility.
At times, pork futures fluctuated on both sides of the board. Speculative buyers bought brakes due to future's oversold technical condition, while near-term uncertainty triggered sporadic selling into upswings.
Fundamentals again were largely ignored because of October's expiration that is nearly two months away.
Nevertheless, market bears were encouraged by ramped up hog slaughters while recovering calculated packer profit returns offered psychological support to potential bulls.
The US Department of Agriculture's monthly cold storage numbers will be released on Wednesday at 3 pm EDT (1900 GMT).