Commodities : Friday, June 5, 1987 : Hog Prices Continue Rally
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Hog futures moved higher again Friday, continuing a rally that has seen repeated contract highs because of tightening supplies of market-ready animals.
On other markets, soybeans and corn advanced while wheat declined; precious metals were mixed; and oil futures were mostly a little higher.
“It’s upward and onward with pigs,” said Charlie Richardson, an analyst in Denver with Lind Waldock.
The nearby hog delivery at the Chicago Mercantile Exchange gained 3 1/2 cents a pound this week and has increased by nearly 30% in the last two months.
The number of animals being brought to market remain well below year-ago levels and what was projected for this quarter by the Agriculture Department.
Buying pressure remains unabated.
“Speculators are not going to stand in front of a freight train and that’s what we’ve got going,” said Richardson.
Advancing prices for cattle futures reflected wholesale beef that was $1 to $3 higher on Friday, gaining back part of the $8 to $9 lost in the past week, said Richardson.
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