Lean Hog Futures Boosted by Deeply Oversold Signals
Following steep declines to fresh contract lows in recent sessions, lean hog futures on the Chicago Mercantile Exchange (CME) closed sharply higher on Tuesday.
The June through August contracts locked in limit gains at the close and reversed Friday's declines, aided in part by deeply oversold signals. June closed at $80.825 while most-actively traded July settled at $79.525.
Hog futures may have been due for a technical correction after being overdone to the downside, said livestock dealers and market managers.
On the year so far, the nearby hog contract...
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