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Pork Futures: Lean Hogs Closed Mixed

by 5m Editor
16 May 2007, at 9:17am

CHICAGO - Lean hogs closed mixed in lackluster business that featured June/July positioning in both directions and August/October bear spreading. General cash firmness and June's oversold chart condition provided front-month support, while back-month hogs trailed despite CBOT corn's comeback.

Lean hogs slipped at the open as buyers stepped back and took stock of pork cutout's misstep on Monday and the prospect that packers would pressure cash bids in spite of impressive calculated profit margins.

Break-buyers were emboldened by pockets of cash firmness as the morning wore on. Talk that processors may be forced to put more money on the table for supplies because of lighter hog weights also provided positive influence.

Market bulls and bears alike were shy about placing sizable pit orders, which led to market participants milling around and waiting for outside direction.

"It was the deadest I've seen in their in some time," a hog trader said.

Source: FXSTREET.com

5m Editor