Pork Futures: Hogs Rally

CHICAGO - CME hogs ended higher on short covering, fund buying and pockets of cash hog price strength.
calendar icon 15 January 2008
clock icon 2 minute read

Pork contracts trended upward on the open fueled by February and April's oversold chart situations, February/April forward positioning and the notion that February's sell off Friday was overstated.

Back-month hogs climbed, and August through 2009 February registered new contract highs, after CBOT corn opened sharply higher and quickly traded limit up for a second straight session.

Nonetheless, February and April at times sputtered because of both contracts' premiums to CME's hog index. And, longs' roll out of February into April eventually eroded front-month gains and pushed nearby-April above 10-day moving average resistance.

Country hog buyers foresee steady cash hog bids for Tuesday.

Deep-month hog traders wait to see if CBOT corn prices will be able to sustain the type of rallies experienced the past two days.

Source: FXstreet.com
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