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Pork Futures: Hogs Gain

by 5m Editor
20 February 2008, at 8:58am

CHICAGO - Chicago Mercantile Exchange hogs posted modest gains on short covering, generally higher cash hog quotes and forward positioning.

Pork bellies ended mainly higher, live cattle closed flat to up slightly and feeder cattle finished mostly firm.

Lean hogs primarily opened weak due to April's bearish premium to CME's hog index. Also, traders awaited market direction after being away from the pit since last Friday because of the three-day Presidents' Day holiday weekend.

However, spotty cash hog price firmness, particularly at the direct hog market level, at times laid a foundation beneath spot-April. And, strength from Chicago Board of Trade corn elevated deep-deferred lean hog contracts.

Country buyers anticipate mixed cash hog bids for Wednesday. While some processors sort through hogs that were bought before the holiday, others are tight on supplies due to bitter cold in parts of the Midwest.

Source: FXstreet.com

5m Editor