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Pork Futures: Hogs Firm

by 5m Editor
18 August 2007, at 2:06am

CHICAGO - Lean hogs settled firm in extremely quiet low-volume trading activity that featured short covering, fund purchasing and position-squaring ahead of the weekend.

Pork futures received added support from stronger equities and financial markets. And, October and December's oversold chart conditions stimulated early-session buying interest.

Nevertheless, that interest was at times tested by a market still smarting after being pummeled this week by China's halt of U.S. pork purchases,oppressive slaughter rates and aggressive fund liquidation.

Cash hog prices came in lower, and the same is anticipated for Monday. However, a trader said, near-term fundamentals have taken a back seat to"outside" markets and technical factors.

October hogs closed under the 68.16-cent 100-day moving average.

Source: FXSTREET.com

5m Editor