ShapeShapeauthorShapechevroncrossShapeShapeShapeGrouphamburgerhomeGroupmagnifyShapeShapeShaperssShape

Pork Futures: Hogs Firm

by 5m Editor
12 April 2008, at 1:53am

KANSAS CITY - The early calls for lean hog futures are mixed but the number of firmer predictions outweigh the weaker ones.

Steady to higher cash expectations, further strength in wholesale pork prices and a rebound in futures from the session's lows Thursday are considered support for board prices Friday.

Premiums already built into the market are seen by some analysts as a limiting factor for advances. Trading in April lean hogs will expire Monday.

Friday marks the official end of the Goldman roll, or rolling of long-only positions by the Goldman Sachs Commodity Index out of the spot month and into the next nearby contract.

The pork cutout Thursday climbed $0.79 per hundredweight to $61.57. The latest Dow Jones Newswires packer margin index is at plus $0.40 per head, compared with minus $0.22 the previous day.

Pork belly futures are expected to open flat to weaker on follow through selling from Thursday's lower session and pressure from continued large hog supplies.

Source: FXstreet.com

5m Editor