Pork Futures: Hogs Mixed

by 5m Editor
30 October 2007, at 9:53am

CHICAGO - Most Chicago Mercantile Exchange live cattle contracts settled up slightly on short covering and December/February and February/April forward spreads. Meanwhile, December through April CME hogs ended down while remaining contracts closed moderately firm. And, pork bellies settled higher.

Live cattle futures opened mixed amid choppy action as traders digested last week's generally steady cash outcome pitted against Friday's pork cutout drop.

What's more, there were beliefs that beef future's plunge last Friday was overstated. And, October and December's oversold Relative Strength Index conditions attracted prospective buyers.

Furthermore, moderately higher Chicago Board of Trade corn prices spawned ideas that fewer cattle will be available early next year.

By the same token, October's upside potential was stymied by selling into the contract's Oct. 31 expiration.


5m Editor