Traders anticipating monthly USDA reports late Friday morning
Hog futures slumped in overnight electronic action. Bulls got a bit of good news Thursday afternoon, when pork cutout did not fall nearly as sharply as it had the previous two days. However, direct cash prices, particularly those in the Iowa-Southern Minnesota region, lost significant ground. That suggests the premium recently built into the CME index will diminish during the days ahead. April hogs skidded 0.05 cents to 86.92 cents/pound, and June lost 0.25 cents to 94.35.
Cotton futures rose modestly in Thursday night trading. The rise was not terribly surprising given the bullish atmosphere and the sizeable rebound from lows posted early yesterday. Futures fell rather sharply in the wake of the disappointing Thursday morning Export Sales result. Bearish inability to force a major test of chart support around the 80.00-cent level may have persuaded traders to test overhead resistance from this point. Bulls may also be anticipating a positive result on the monthly USDA Supply/Demand and Crop Production reports set for release late this morning. March cotton rose 0.18 cents to 81.58 cents/pound in electronic trading Friday morning, while December futures slipped 0.05 cents to 82.33.
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