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Higher Cash Prices Halt CME Hogs Losing Streak
USAgNet - 03/14/2018

Chicago Mercantile Exchange lean hogs on Tuesday snapped a four-session slide, helped by short-covering and firmer prices for market-ready, or cash, hogs, traders said.

They said some investors bought deferred months as fears of a trade war eased, reports Reuters.

Futures drew support from expectations for only a slight seasonal increase in hog numbers over the next couple of weeks, said Allendale Inc chief strategist Rich Nelson.

Discussions over trade issues exaggerated CME lean hogs' recent selloff, leaving some to wonder whether the market had actually bottomed out on Monday, he said.

The United States exports roughly one quarter of the pork it produces.

Reuters reports that April's gains were capped by funds in CME's livestock markets that sold, or "rolled," that contract's long positions mostly into June in accordance with the Standard & Poor's Goldman Sachs Commodity Index.

Tuesday was the last of five days for the roll process.

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