Pork Futures: Most Hogs Weak
CHICAGO - Lean hogs ended generally weak on lower cash hog prices and uncertaintyregarding near-term pork cutout direction due to recent hog slaughter increases and slowing pre-Independence Day holiday wholesale pork demand.
22 June 2007
2 minute read
July/August bull and August/October bear spreading pressured August butprovided modest spot July support and minimized October's losses. Technicalmoving average resistance rebuffed earlier July and August advances.
And, far-month hog buyers disbanded as CBOT corn prices sank deeper intonegative trading territory.
Country hog buyers anticipate steady to weak cash bids for Friday that somein the pit believe was anticipated by the futures market as early as Tuesday.
"Futures finally started acting like a 'futures' market and are factoring insignificant seasonal cash hog price declines that usually happens around thistime in June," a broker said.
Saturday's smallish projected slaughter sparked questions in the hog pitabout when packers would implement reduced plant operating hours to resuscitatelifeless calculated packer profit margins.
The federal government's monthly cold storage data for May will be availableon Friday at 3 p.m. EDT.
Source: FXSTREET.com
