Pork Future: Hogs Called Mixed
CHICAGO - Brokers and analysts expect a mixed CME hog open on spill over buying and supportive pork cutouts versus potential profit taking and sentiments that Monday's run up was overstated.
12 December 2007
2 minute read
Wintry weather in the Midwest and pockets of cash hog price strength might embolden market bulls, a trader said. Conversely, he said, December and February's mildly overbought chart situations and front-month premiums' to CME's hog barometer may motivate sellers.
Also, the trader said, December might encounter continued liquidation pressure ahead of the contract's expiration on Dec. 14.
An analyst called pork bellies mixed on buying follow through and firm fresh belly quotes Monday at $80 per hundredweight against possible profit taking by longs and February's overbought chart indicator.
CME's weekly belly storage data is slated for release on Tuesday after 5 p.m. EST (2200 GMT).
