CHICAGO (Dow Jones)--Still unstable market fundamentals and more potential selling in line with futures' recent slide may initially lean on most Chicago Mercantile Exchange hogs early Thursday.

The $0.02 per hundredweight bump in wholesale pork carcasses Wednesday was a bright spot for a market that was down 11 out of the past 12 days.

Floor traders would prefer to wait for a consistent uptrend to develop with regards to the pace of wholesale pork business before declaring that the worst is behind them.

And, cash hog prices for Thursday are called steady to weak as processors sort through ample supplies.

However, there is sentiment that futures, cash hog prices and pork carcass values may bottom out soon, and, that the upcoming grilling season will likely spur more demand for pork in the coming months.

Some market participants may adjust positions in anticipation of the release of the U.S. Department of Agriculture's quarterly hog report on Friday at 3 p.m. EDT. The following are analysts' averages and range of estimates in percentages from a year ago for the upcoming data:

Average Range All hogs and pigs on March 1 98.9 98.1-99.9 Kept for breeding 97.4 97.0-97.8 Kept for marketing 99.1 98.2-99.8

Also traders will jump through technical hoops including spot-April hogs that hover over the 70.47-cents 40-day moving average support level. April is also beneath 72.20 10-day and 72.51 20-day moving average resistance thresholds.

June's 81.46 20-day and 81.48 10-day moving averages stand in the way of that contract's potential upside.

CME pork bellies may open firm on follow through from futures' advances Wednesday to new contract highs and Wednesday evening's steady fresh belly quote at $90 per hundredweight.

No belly deliveries were tendered by the CME Wednesday against March futures that will expire on March 26.


-By Theopolis Waters, Dow Jones Newswires; 312-347-4965; theopolis.waters@dowjones.com