Pork Futures: Hogs, Live Cattle Gain

CHICAGO - Chicago Mercantile Exchange lean hogs closed moderately higher Friday on short covering and December/February bear spreads that minimized spot-December gains but provided added February lift.
calendar icon 10 December 2007
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Also, pork bellies and live cattle ended higher while feeder cattle settled weaker.

CME hogs rose at the start, spurred by initial short covering, generally steady early cash hog quotes and Chicago Board of Trade corn strength. Also, Thursday's pork cutout hike and talk of wintry weather in the Plains contributed to early modest gains that drove front months beyond key moving average resistance obstacles.

By the same token, December's and February's bearish premiums to CME's hog index triggered periodic selling into upticks. And at one point, December briefly slipped beneath positive trading territory on uneven midday direct hog price quotes and liquidation before the contract expires Dec. 14.

Country buyers anticipate steady cash hog prices on Monday as processors string together supplies for the week. Traders will also gauge wholesale pork demand heading into the Christmas holiday and weigh the impact of more wintry weather this weekend.

Pork bellies closed higher on short covering, lean hog gains and underlying technical backing.

December lean hogs closed up 32 points at 55.47 cents a pound, and February finished 50 points higher at 61.70 cents.

Source: FXStreet.com
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