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Pork Futures: Hogs Close Narrowly Mixed

by 5m Editor
8 September 2007, at 11:42am

CHICAGO - Chicago Mercantile Exchange lean hog futures closed narrowly mixed but mostly firm in a late rally Friday after trading mostly lower throughout the session.

Front-month and most-active October ended the day up 30 points at 66.30 cents per pound after hitting nearly a two-month low earlier. December closed up 2points at 67.95 cents.

Brokers and traders said renewed buying interest developed late in the session on speculation that cash prices may stabilize and turn firm next week. Also, spread trades and rolling were seen.

Meanwhile, premiums held by futures to the current cash markets, continued hefty supplies and lower pork prices this week limited the gains.

Rich Nelson, analyst with Allendale Inc., said lower wholesale pork prices Thursday, weakness in cash hog bids Friday and concerns that the cash market may not make its normal rebound from the Labor Day holiday slump weighed on lean hog futures throughout most of the session.

Source: FXSTREET.com

5m Editor