Hog Market Recap: 26 September 2011
Oct Hogs closed slightly lower and Dec Hogs closed sharply lower on the session as the market gave back some of last week's gains.
While Pork product prices were higher Friday afternoon, traders see the large slaughter last week (+ 4%) and expectations for continued large slaughter ahead as factors which could pressure Pork values.
The market managed to trade higher on the day into the mid-session but even limit-up for some of the Cattle contracts could not help support hogs late in the session.
The lower cash market and ideas that the market could see further weakness in the cash market this week helped to pressure early.
Even the strong rise in Cattle and support from outside forces failed to support more than the mid-session bounce before there was a lower close.
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.