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Pork Futures: Hogs Unchanged - Weak

by 5m Editor
29 September 2007, at 9:36am

CHICAGO - Chicago Mercantile Exchange hogs ended unchanged to weak on October/December forward spread that underpinned October but weighed on December. Also, lower Chicago Board of Trade corn futures undermined remaining hog contracts.

February pork bellies finished weak. It was the only contract traded during the quiet session.

Meanwhile, live cattle closed steady to weak while feeder cattle ended higher.

Lean hogs chopped around throughout the morning. October and December buyers were drawn to front-months' oversold Relative Strength Index conditions. Willing sellers, on the other hand, were motivated by bearish fundamentals and caution before the federal government's looming hog numbers.

The U.S. Department of Agriculture's quarterly hog and pig report that will be released on Friday at 3 p.m. EDT (1900 GMT).

Source: FXSTREET.com

5m Editor