Pork Futures: Hogs Mostly Weak Amid Roll; Feb Bellies Up
CHICAGO - Chicago Mercantile Exchange lean hogs Friday posted a mostly weaker finish as funds shifted some of their October positions into December on the official start of the Goldman Roll. The roll will conclude next Thursday and is done in association with rules governing the the Goldman Sachs Commodity Index.
9 September 2006
2 minute read
There were an estimated 10,000 spreads implemented on Friday that were linked to the session's Goldman Roll activity.
Lean hogs were also undermined by general cash weakness, hefty hog slaughters and pork future's overall open interest that set its fourteenth straight record on Thursday. October and December's mildly overbought Relative Strength Index limited buying interest.
And although October remains at a bullish discount to CME's hog index, the gap between the two has narrowed recently which kept buying to a minimum.
Nonetheless, short covering and fund purchases at times freed October and December from session cellars.
Source: FXStreet.com
Lean hogs were also undermined by general cash weakness, hefty hog slaughters and pork future's overall open interest that set its fourteenth straight record on Thursday. October and December's mildly overbought Relative Strength Index limited buying interest.
And although October remains at a bullish discount to CME's hog index, the gap between the two has narrowed recently which kept buying to a minimum.
Nonetheless, short covering and fund purchases at times freed October and December from session cellars.
Source: FXStreet.com
