Hogs, Bellies Seen Flat-Down 30 Points
US - Chicago Mercantile Exchange lean hog futures on Thursday are seen opening steady to 30 points lower on follow-through liquidation, cash pessimism and pork cutout's relapse on Wednesday.
14 September 2006
2 minute read
Additional pressure could come from anxiety over huge hog slaughters, increased hog weights and October fund longs rolling into December on the final day of Goldman Roll that is tied to the Goldman Sachs Commodity Index. Furthermore, October and December has key technical obstacles to overcome.
October's 66.46-cent 20-day moving average is a key resistance level. The 63.69-cent 20-day moving average is a resistance mark for December.
Source: FX Street
