Pork Futures: Hogs Mixed

US - Lean hog futures closed mixed in the second of two holiday-shortened sessions this week. Nearby December ended 15 points lower but off the day's low after trading within Wednesday's range. It closed at 55.60 cents per pound.
calendar icon 26 November 2007
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A premium to current cash prices, technical resistance near the 40-day moving average and one-month high hit Wednesday, along with local selling weighed on December in the lightly traded session.

Fund buying helped push most-active February hogs up to a fresh one-month high early in the session before profit taking pulled prices off its top. After trading outside of Wednesday's range in both directions, a late rebound left February up 7 points at 62.82 cents on the close.

Locals were early sellers in December hogs, while Man Financial was a buyer in February hogs.

Pork belly futures ended higher, but February was the only contract traded in the short session. February gapped higher on the open on follow-through buying interest, along with support from the monthly cold storage report released Wednesday afternoon. However, after hitting nearly a three-month high at 94.50 cents on the initial bell, profit-taking amid overbought indicators pulled the market off its high and filled the short-lived gap. Support was found near the middle of Wednesday's range, and late buying lifted February bellies to a 45-point gain on the day. It closed at 93.50 cents, its highest since Aug. 23.

Source: FXSTREET.com
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