Pork Futures: Hogs Lower

CHICAGO - Chicago Mercantile Exchange lean hogs closed lower Monday on sell stops, front-month premiums to CME's hog index and deferred hog contract liquidation by funds through spreads.
calendar icon 29 April 2008
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Pork bellies and feeder cattle ended down sharply while live cattle finished flat to higher.

Lean hogs opened firmer, prodded by Friday's pork cutout price hike and $2 to $4 per hundredweight higher Missouri direct hog quotes. A few deep month hogs started on the plus side of the board due to higher electronic-Chicago Board of Trade corn.

However, spot June and July buying abated after both contracts encountered resistance around their respective 76.50-cent and 78.00-cent psychological resistance levels.

June was overbought technically and became the launching pad for longs who ejected out of the contract and landed in July and August ahead of the Goldman roll. May 7 is the first of five days for the upcoming Goldman roll period that is tied to S&P's GSCI.

Country hog buyers call for steady to firm live hog bids on Tuesday as processors try to keep pace with brisk wholesale pork movement.

Source: FXstreet.com
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