Hogs Continue Lower As China Cancels Purchases
Weak charts, along with Chinese pork export sales cancellations sent CME hog futures sharply lower on Thursday. At the close Oct/Dec contracts were $3-4 lower on expanded limits, while August losses were held to $2.50. The Lean hog index was $1.31 higher at $83.41 and we estimate another $.70 higher for Friday. This puts the…