Wednesday, 5 August 2009

Most CME Hogs Still Down But Up From Lows

Most CME Hogs Still Down But Up From Lows

1259 EDT [Dow Jones] - CME hogs remain in primarily bearish territory amid cash hog price pressure. Also, funds and commercials continue to pound deferred contracts. However, short covering and speculative buying separate front months from new contract lows. And, Oct surfaced above positive territory due to bull spreads. Aug is down 47 points at 53.50 cents a pound, and Oct is up 27 points at 50.40 cents. Pork bellies turn mostly higher on short covering and buy stops. Also, Tuesday's CME weekly belly storage results were considered bullish for futures. Aug is unquoted. Feb is 100 points higher at 81.00 cents, and March is 80 points higher at 80.30 cents. (TWA)

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August 05, 2009 13:01 ET (17:01 GMT)

US Wheat Falls On Corn, Soy Spillover Selling

1303 EDT [Dow Jones] - U.S. wheat futures are sharply lower and near session lows on pressure from weak CBOT corn and soybeans, traders say. "I still think as the corn goes, so will the wheat," a broker says. Corn and soybeans dropped after private analytical firm Informa Economics issued big final production and yield estimates, traders say. The forecasts topped another set of numbers Informa issued as estimates for the USDA's Aug. 12 crop report, they say. Wheat has been a follower of the neighboring markets lately and selling spilled over from the row crops, traders say. Large global wheat supplies and lackluster export demand continue to hang over the markets, an analyst says. CBOT Sep wheat is down 17 1/4 cents at $5.25 a bushel, KCBT Sep wheat is down 20 cents at $5.53, and MGE Sep wheat is down 19 1/4 cents at $6.00 3/4. (TGP)

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August 05, 2009 13:03 ET (17:03 GMT)


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