Pork Futures: Hog Lose Ground

CHICAGO - Chicago Mercantile Exchange lean hogs closed lower Wednesday on profit-taking, fund selling and caution before Friday's hog report.
calendar icon 27 March 2008
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Pork bellies finished sharply lower with May futures limit down. And, live and feeder cattle suffered significant losses.

After a mixed start on leftover buying that clashed with worries about front-month premiums' to the CME hog index, pork futures took a decidedly bearish path amid profit- taking and skittish buyers.

Spot April and nearby June losses mounted after both contracts fell below moving average support levels, which alerted funds and tripped sell stops.

And, despite rising cash hog prices and higher Chicago Board of Trade corn futures, hog market participants chose to adjust positions in preparation for the U.S. Department of Agriculture's quarterly hog report on Friday at 1 p.m. EDT.

Source: FXstreet.com
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