U.S. lean hog futures settled mixed, with nearby contracts supported by firm cash prices and spillover strength from the cattle complex.
CME lean hogs for July closed up 0.25 cent, or 0.26%, to 95.5 cents a pound. Contracts for 2012 settled lower.
The market was mainly a follower of live cattle, Roose said. Recent firm pork prices and a rebound in equities Thursday added support.
Deferred contracts were pressured by this week's slump in corn, which could encourage more hog production later on, Stewart-Peterson said in an afternoon report.
The cash hog markets were steady to higher on buying interest for additional animals to be delivered to the processing plants next week. Tighter supplies of slaughter-ready animals expected through the balance of this month and into July, continued strong export sales, and improved domestic demand for Independence Day retail promotions are supportive factors, said livestock dealers and analysts.
The terminal markets traded $1 to $2 higher with top prices from $63 to $65 on a live basis.
The latest Dow Jones Newswires pork packer margin index was minus $7.42 per head, compared with minus $0.16 the previous day.
USDA's pork carcass composite value, a measure of wholesale prices, Wednesday was up $2.28 per hundred pounds at $93.92.