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Pork Futures: Most Hogs Gain

by 5m Editor
3 October 2007, at 8:53am

US - Most Chicago Mercantile Exchange hogs settled moderately higher Tuesday amid short covering and October/December forward and December/February bear spreads. That weighed on December, but provided added October and December support.

Pork bellies closed lower.

Meanwhile, live cattle posted losses while feeders registered sizable gains.

Lean hogs toiled throughout the session as buyers of breaks took advantage of severely technically oversold front months. On the other hand, skittish longs sold into up swings because of generally bearish cash hog quotes and December fund liquidation.

"December would not have dropped the way it did had it not been for funds that kept selling on the way up all morning," said a broker.

Source: FXSTREET.com

5m Editor