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Pork Futures: Hogs Mainly Weak

by 5m Editor
25 August 2007, at 6:19am

CHICAGO - Analysts and brokers anticipate a mostly weak CME lean hog open on spongy cash hog price expectations, Thursday's pork cutout drop and ominous hog slaughter rates.

The persistent lack of definitive market direction might keep potential buyers on their heels, a broker said. And, he said, overnight-CBOT corn's weakness may deter far-month hog buyers.

On the other hand, the broker said, potential short covering and front months' moderately oversold Relative Strength Index conditions might ease declines or lift some contracts.

Market volatility could become an issue as participants settle accounts before the weekend. And, longs' migration out of October into December may be seen in preparation for the upcoming Goldman roll date.

October hog's 68.20-cent 100-day moving average is a support floor versus68.64-cent 10-day moving average resistance.

December's 67.80-cent 10-day and 67.88-cent 40-day moving averages are upside technical obstructions.

Source: FXSTREET.com

5m Editor