PORK BELLY FUTURES START HIGHER, THEN EASE
Pork belly (bacon) futures ran up for
gains of 0.55 to 0.30 cent at the start and then eased to trade
0.15 cent lower to 0.15 higher in early dealings.
    Active local carryover demand and mixed commission house
buying lifted futures at the start. Higher cash hog markets on
light runs and spillover from other meat pits prompted support,
traders said.
    However, locals turned sellers along with Saul Stone and
Paine Webber and prices turned mostly lower. Trimming of gains
in other pits and expectations of possibly negative out of town
storage report this afternoon weighed on the market. Guesses on
the report ranged from in 1.0 to 2.25 mln lbs with most
indications on the high side, they noted.
 Reuter
