October hogs traded near unchanged early today but saw a steady flow of selling pressure and was trading down 130 on the day into the mid-session. Cash hogs were down $1.00-$1.50 on the day and traders see the October discount to the cash market as "less" of a supportive factor as the spread has narrowed significantly over the past 2-3 weeks. A sharp break in pork values to the lowest level since May late yesterday was also seen as a bearish force as traders see collapsing pork values as a reason to suspect a continued decline in cash markets. The lean index slipped to 77.29, down from 78.60 yesterday.
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