pril lean hog futures closed up 0.20 cent, or 0.2% at 93.45 cents a pound and was the only hog contract with a gain for the session. June hog futures, the most active contract, was down 1.70 cents, or 1.7%, at 99.35 a pound. June and other summer hog contracts hit 3 1/2-week lows.
The spot April contract, which is set to expire Thursday, saw support from the cash markets, reported at mostly flat with a few locations higher and expectations for wholesale pork prices to move higher through the spring.
The selloff in the other hog contracts was due to the overall weakness across the commodity sector and had nothing to do with the cash or wholesale pork markets, said Dennis Smith, analyst with Archer Financial Services.
Concerns about consumer resistance to escalating retail prices, especially with gasoline prices moving up nearer to $4 a gallon in many areas, added to the pressure, brokers said.
Support from generally stable cash prices and expectations for pork exports to remain strong was overpowered by the widespread commodity selling, a broker said. If the panic selling dries up, the market could rally tomorrow, he said.
The terminal markets traded flat to $1 higher with top prices from $62 to $65 per hundred pounds on a live basis.