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Pork Futures: Lean Hogs Finished Firm

by 5m Editor
13 April 2007, at 8:35am

CHICAGO - April and June lean hogs finished firm on as much as $2 per hundredweight higher cash bids in some hog growing sectors and pork cutout's slight bump up on Wednesday.

April was subject to speculation about where the spot month and CME's hog index will converge when April expires Monday. And bull spreading into April and June out of back months propped up nearby contracts.

Far-month hogs lagged for most of the session because of CBOT feedgrain's earlier declines. Nevertheless, August and 2008 February and April pork futures landed on the plus side of the board after a few speculative buyers were moved by CBOT corn's rise from session bottoms.

Fundamentally, country hog buyers foresee extended cash strength Friday ahead of what's expected to be a weekend slaughter around 70,000 head. Also, market participants will keep close tabs on pork cutouts as daily hog slaughters routinely top 400,000 head.

Source: FXSTREET.com

5m Editor