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Pork Futures: Hogs Plunge

by 5m Editor
17 January 2008, at 9:34am

CHICAGO - CME lean hogs ended in bearish fashion on live hog prices that came in generally lower, fund liquidation and spreaders who sold April and July and bought February.

Pork futures stumbled on the open after Tuesday's sell off carried over into Wednesday. Pork cutout's misstep Tuesday, and February and April's negative premiums to CME's hog index, dragged on front-month hogs at the start.

And, deep-hog months suffered at the hands of CBOT corn that for two straight days slipped from prior two consecutive limit-up sessions.

However, February briefly experienced trading on the plus-side of the board as shorts covered amid ideas that cold weather bearing down on the nation's midsection might force packers to eventually pay up for supplies.

But, the spot-month again wilted after midday direct cash hog prices were quoted lower.

Country hog buyers foresee steady to mixed cash hog bids for Thursday depending on processors' needs heading into the weekend.

Source: FXstreet.com

5m Editor