US hog futures slump on bearish report
29 June 1999
US hog futures slump on bearish report
HOG futures slumped yesterday (Monday) morning at the Chicago Mercantile Exchange in the wake of a bearish quarterly report by the US Department of Agriculture.
The report suggested that the industrys contraction was much slower than analysts and traders had been predicting.
It said that while some smaller producers were leaving the industry, there was actually some expansion among larger producers.
Traders have warned that the market may in for several days of bearish trading.
The US hog market has been trying to recover from a disastrous December, when cash prices fell to their lowest levels for half a century.
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- Financial Times 29/06/99 page 32
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