Pork Belly Futures Posted Sharp Gains

Pork Belly rally: Pork belly futures posted sharp gains, as higher cash prices filtered down to the futures pits. Traders noted most of the buying was attributed to short-covering as speculative buy stops were hit once the July contract jumped past the 20-day moving average at 83.15. Trading was active ahead of the CME's weekly belly storage number, which showed that 906,000 pounds were moved out of exchange-approved warehouses last week, well above the 500,000 pounds most traders were expecting. Last year at this time 757,000 pounds were stored. Recent strength in Lean Hog futures also contributed to yesterday's price surge. Read More....