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Pork Futures: Hogs Settle Mostly Firm

by 5m Editor
10 May 2008, at 5:43am

CHICAGO - Feeder cattle and pork bellies also finished higher while most lean hogs closed firm, reports FXStreet.

CME hogs settled mostly firm on generally supportive cash quotes, June/July bull and July/August bear positioning and deep-month speculative buying.

Most pork contracts at first moved up slightly on follow-through buying and positive fundamentals, but quickly faded after profit takers arrived. Also, some in the pit were compelled to sell October and 2009 April through June contract that made new contract highs Thursday.

Meanwhile, nervousness about futures premiums and sporadic CBOT corn pullbacks pressured deferred hog months that were later rescued by late-session speculative buyers.

Also, those who fished for a market bottom were lured by spot-June and nearby-July psychological support levels at around 76.50 cents.

Country hog buyers anticipate steady to firm cash hog bids for Monday. Some producers are expected to conduct fieldwork that might limit the number of animals trucked to market.

Pork bellies ended higher on speculative hedging and technical support.

June lean hogs closed up 40 points at 76.87 cents a pound, and July closed down 15 points at 76.95 cents.

View the FXSTREET story by clicking here.

5m Editor