CHICAGO (Dow Jones)–Persistent robust pork business will likely ignite
Chicago Mercantile Exchange hogs gains at the start Friday.
Wholesale pork prices Thursday leaped another $2.27 per hundredweight, which
widened pork packer margins. Generally steady-to-firm cash hog price calls may
also inspire those who are banking on futures advances.
Thursday’s U.S. Department of Agriculture pork and ham monthly cold storage
outcomes were deemed mildly supportive for lean hogs because both were quoted
at their lowest levels in three years.
Nonetheless, a few floor traders are still suspicious of front-months’
bearish price premiums compared to CME’s hog index, which might stir sporadic
selling into upticks.
And some measure of market volatility is expected as participants square
positions before the weekend.