Pork Futures: Hogs Slide On Lower Cash; Bellies Fall
CHICAGO - Chicago Mercantile Exchange lean hog futures closed lower in all months Wednesday on continued weakness in cash prices and ongoing concerns about large supplies. Pork bellies also fell.
6 September 2007
2 minute read
Live cattle closed mostly lower while feeders ended mixed.
Brokers and analysts said lean hogs buckled under pressure from the weaker fundamentals and heavier average hog weights reported for last week in Iowa/southern Minnesota. Cash-connected accounts were the most active sellers throughout the day.
In December and February, some traders also took profits after the recent gains.
A broker said some traders came into the week expecting a turnaround in cash prices by Wednesday or Thursday, but larger-than-expected supplies have filled the plants and kept prices under pressure.
