Pork Futures: Lean Hogs Ended Firm
CHICAGO - Lean hogs ended firm on short covering in an otherwise tranquil session as market participants worked positions before the three-day holiday weekend. And despite mostly lower cash returns Thursday, optimistic bulls anticipate a cash turnaround early next week due to lighter-weight hogs.
25 May 2007
2 minute read
In the interim, some in the pit worked June/July bear and July/August bull spreads that slowed spot-month and August advances while giving added lift to the July contract.
Floor sources foresee steady to weak cash bids Friday as packing plants begin trimming slaughter operations in preparation for the extended holiday weekend. Traders are also expected to prepare Friday by settling accounts in earnest.
Spot-June hogs Thursday ended under 75.02-cent 10-day moving average resistance and over 74.82-cent 20-day moving average support. Meanwhile, July finished beneath the 74.14-cent 10-day moving average.
RJ O'Brien and locals bought June. Fimat was among July buyers. Rosenthal sold June and was on both sides of July.
Source: FXSTREET.com
