Most Chicago Mercantile Exchange hog futures closed lower Monday on fund liquidation, profit-taking and ideas that cash hog prices might top out soon. Spot June hogs closed higher, in part benefitting from foward spreading.

Lean hogs began the session mostly weak on profit-taking and market caution. On the other hand, $1 to $6 per hundredweight higher Missouri direct cash hog quotes momentarily propped up spot June.

Meanwhile, May, October and 2009 April through June new contract highs reached Friday were reason enough for some to sell those months on Monday.

Furthermore, worries over back-month hog premiums to cash expectations moving forward and Chicago Board of Trade corn's eventual slump exerted added deep-month hog pressure and sparked aggressive unwinding of bear spreads. The spreads also stunted front-month Goldman roll maneuvering.

The Goldman roll, which on Monday was in its fourth of five days, involves funds shifting some of their spot June long positions into nearby August and is tied to the S&P's GSCI.

Tuesday will be the last official day for the current Goldman roll period, although cleanup roll business is expected into the weekend because of June's substantial open interest.

Still-higher cash hog price returns later Monday and steady to firm cash calls for Tuesday are signs that packers are not backing down bids for live supplies, especially given lighter hog weights and producers getting their hands dirty in the fields.

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