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Pork Futures: Mixed Status Near Midday, All Contracts Finished Higher

by 5m Editor
4 April 2007, at 8:31am

US - Late session buying lifted lean hog futures from a mixed status near midday, and all contracts finished higher.

Floor brokers and traders said when the midday sell-off failed to break through key chart support levels, locals and others who had been selling elected to cover their short positions.

"Cash is still looking firm," a broker said, which helped underpin futures.

The market is building in expectations of more cash strength next week and into the second half of this month, another floor broker said.

The premium that is already built into futures was said to have limited gains in spot April, which will expire April 16.

There were no real features or major accounts leading the late rebound - it was general in nature without much emotion, a broker said.

April futures hit a 2 1/2-week high and filled a chart gap that was opened March 16. June hit nearly a three-week high, while July and August posted 2 1/2-week highs.

April finished 35 points higher at 65.37 cents. Lightly traded May closed 42 higher at 75.42. Most active June ended 55 highs at 76.07, its highest close since March 12.

Source: FXSTREET.com

5m Editor