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Pork Futures: Hogs Dip

by 5m Editor
25 March 2008, at 7:53am

CHICAGO - Spot-April and nearby-June CME lean hogs ended soft on depressed cash hog quotes, profit taking and technical resistance. Meanwhile, CBOT corn's dramatic rise pushed up rear hog contracts.

Most hog month options slipped at the start on profit taking and spot-April and nearby-June premiums to the CME hog index. Market uncertainty and last Thursday's slightly bearish USDA monthly cold storage outcome initially weighed on front-month hogs.

However, distant hog contracts rose in response to CBOT corn's overnight gains that intensified as the morning outcry session progressed.

Country hog buyers predict steady to weak cash hog bids for Tuesday.

Some processors are working through supplies that were booked before the holiday while others sort through animals that may have backed up on farms as a result of the extended holiday weekend.

However, spot-April on Monday appeared to gather a significant amount of support around the 55.50-cent March 19 high.

Source: FXstreet.com

5m Editor