CME Pork Alert: Hogs soar limit to new highs after bullish data
Chicago, July 2 (BridgeNews) - Lean hog futures soared on the heels of a
reduced hog breeding herd in Friday's quarterly hogs and pigs report. Jly
through Apr established contract highs, while Oct through Apr were locked limit
up. Aug backed off limit-up status. Pork belly futures responded to Friday's
data with sharp gains, with Jly and Aug gapping higher to their highest levels
in three months.
( Story .3205)
ISO estimates 2000-01 world sugar deficit at 3.512 mln tns --
London, July 2 (BridgeNews) - World production in 2000-01 is seen down 2.8%
on the year at 129.076 million tonnes, according the International Sugar
Organization's third estimate. The ISO pegged world consumption up 2.3% on the
year at 132.588 million tonnes to give a world deficit of 3.512 million tonnes
raw value. However, the ISO said that large surplus stocks built up over the
previous five seasons have covered the production shortfall and prevented a
trade deficit.
( Story .12132 )
[B] NY Cotton: New contract lows on acreage, favorable US weather
2-Jul-2001 15:29:36
By Myrle Croasdale
Chicago, July 2 (BridgeNews) - New York Cotton Exchange cotton futures
plunged amid rain in the mid-South and Georgia during the weekend, which
promises to keep the U.S. on track to produce a large crop. Forecasts for
favorable weather in the cotton belt in the next two weeks added to the
negative tone set Friday by the big increase in U.S. plantings. Oct, Dec, Mar,
May and Jly 2002 set contract lows, while thinly traded Jly dove more than 5%
briefly.
* * *
Funds sold 1,000 lots of cotton as new contract lows were made. In Dec,
resting sell orders were seen at 42.20 cents per pound and below. A small
amount of trade buying was seen near morning session lows.
"The funds are finally back in," building on their net short position, a
trader said.
As of 1110 ET, Dec had set a contract low of 41.54c, its lowest in six
sessions. A 25-point gap runs from 42.50 to 42.75c in Dec.
Weekend showers were seen in the Delta and Southeast, as well as southern
Texas, while West Texas remained hot and dry. The Delta and Southeast have
frequent chances for rain during the next two weeks, as a pattern of favorable
crop conditions develops over the region. (Stories .3875, .3883)
Scattered showers are forecast for northeast China Monday and Tuesday
before mostly hot, dry weather returns. The region saw rain over the weekend,
though amounts were small. (Story .3859)
Traders said Pakistan has seen beneficial showers, and overall world cotton
conditions look good.
The Cotton Outlook A indices were unchanged for 2000-01 and 2001-02.
No new delivery notices were posted for Jly cotton.
Certificated stocks are hovering just under 260,000 running bales, with
1,449 awaiting review. (Story .3642)
The U.S. dollar remained strong, lingering near a contract high for the Sep
futures contract.
Trader said the week could be slow, with many participants taking vacation
time around the Fourth of July.
Final volume for Friday was 4,18 to lots, with 625 still open in Jly. Jly
expires on July 9.
TRADE AT 1131 ET: Jly down 105 points at 41.70c
Oct down 95 points at 40.75c
Dec down 116 points at 41.66c
Mar down 105 points at 43.15c End |
