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Pork Futures: Hogs Fall

by 5m Editor
15 May 2007, at 8:23am

KANSAS CITY - Chicago Mercantile Exchange lean hog futures closed lower in all contracts, pressured by fund sales, broken chart support levels and uncertainty in the cash markets.

May hog futures expired quietly at 73.47 cents per pound, down 7 points. June hogs finished at 74.40, down 57 points while most-active July led the declines with a 85-point loss at 73.60 cents.

A floor broker said a fund sold around 300 hog contracts on the opening which pressured the market from the outset. Additional fund sales were seen throughout the day. July also saw some selling interest on seasonal recommendations that included outright selling and via spreads, an analyst said.

The early selling pressured July through key chart support levels and tripped sell stops, or previously placed sell orders. The stops being triggered contributed to the close that took July down to a 16-week low at 73.35 cents.

Source: FXSTREET.com

5m Editor