Oct Hogs closed 45 pts higher on the session and up 145 pts for the week.
Hogs were clearly one of the only commodity markets to move higher this week with a washout in grains, energy markets and a collapse in metals.
The market traded mostly higher early Friday with a choppy and inside trading session. A sharp jump in cash belly prices supported solid gains in the Pork product market late yesterday and this helped support the market early in the session.
Cash Hogs were steady to 1.00 lower at terminal locations and this may have helped limit the advance.
The weak tone for the cash market was offset by talk of a positive cold storage report late yesterday and ideas that the Pork rally late this week might help stabilize cash Hogs into early next week.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.