Weak Chinese economic news may depress crop futures Friday
Spillover strength from the cattle market probably boosted hog futures early Friday morning. Actually, the Iowa-Southern Minnesota market also rose significantly Thursday, which might be a sign of renewed cash hog strength. However, Thursday afternoon news of wholesale weakness, particularly the drop suffered by pork loin values, will not help the bullish cause. April hogs rose 0.27 cents to 81.27 cents/pound in early Friday morning trading, while June edged upward 0.12 cents to 91.60.
Cotton futures set back overnight after surging to fresh highs Thursday. Strong stock market gains posted at the same time almost surely played a big role in the late surge, but bulls are almost surely relying upon persistent Chinese buying for major support. However, overnight reports indicating the Chinese manufacturing sector is not doing as well as previously thought almost surely dragged cotton prices downward overnight. It will be very interesting if the drop persists into the weekend or whether bulls again reverse the decline later today. May cotton dove 0.79 cents to 84.50 cents/pound in price action early Friday morning, while December fell 0.60 cents to 84.61.
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