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Pork Futures: Hogs Mixed

by 5m Editor
3 August 2007, at 10:11am

CHICAGO - Lean hog futures closed mixed but with August through December higher on fundand commercial buying, along with some spread trades. A few buy stops were tripped in the early-session rally after a mostly lower opening.

Rich Nelson, analyst with Allendale Inc., said the potential for China to purchase more US pork helped lift the 2007 hog months.

There was talk circulating in the pit and outside the CME as well that some sales in moderate volume of perhaps 10.0 million to 15.0 million pounds to be shipped over the next three months may have already occurred. However, efforts to confirm the reports have so far been unsuccessful.

The deferred lean hog contracts were lower amid concerns of large hog supplies to be available at that time and speculation that any boost in pork export sales is most likely to be seen during the remainder of this year.

August hogs ended the day with an 80-point gain at 73.12 cents per pound,while most active October finished 12 points higher at 74.70.

Source: FXSTREET.com

5m Editor