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Pork Futures: Hogs Mostly Up

by 5m Editor
14 April 2007, at 3:46am

CHICAGO - Lean hogs are seen mostly firm on continued pork cutout gains, cash optimism and overnight CBOT corn advances, said analysts. April's movement is subject to ideas about where the contract will settle when it expires on Monday, they said.

However, market watchers point out that estimated packer margin's gradual withdrawal, and April and June's premiums to the exchange's two-day hog barometer could limit future's upside potential.

The June contract's 40-day moving average serves as a near-term support level.

Pork bellies are called mixed on spillover buying versus potential profit taking after Thursday's steep run up and no overnight cash direction that could leave the market vulnerable to lean hog movement.

Source: FXSTREET.com

5m Editor