Pork Futures: Hogs, Bellies Slide
KANSAS CITY - With the exception of October lean hog futures, which expired slightly higher, Chicago Mercantile Exchange futures collapsed Friday, pressured by record large hog supplies, failed chart support levels and tripped sell stops.
13 October 2007
2 minute read
Bellies closed sharply lower, while live cattle and feeders ended weaker.
October lean hogs exited the board up 7 points at 57.62 cents.
December through April hogs fell sharply, with the new front-month December hitting a low of 58.12 cents, its lowest since Oct. 27, 2006. December closed at 58.27 cents, down 225 points, or 3.7%, on the day.
Market analysts and brokers said the market countered a first round of selling by rallying to trim the losses, but bulls were unable to halt the late session slide. Cash-connected and local selling pulled the market down initially then sell stops were tripped and funds sold as well, a broker said.
