CME lean hog futures rebounded Thursday in apparent response to Congressional action and to firming cash and wholesale prices, but were mixed early Friday morning. Traders continue anticipating a major seasonal price surge in the second quarter, but the potential for sustained weakness into early April remains an obstacle to potential CME rallies. April hogs rose 0.10 cents to 78.45 cents/pound in overnight trading, while June was unchanged at 89.55.
Cotton futures seemed to be trying to stabilize early Friday morning in the wake of recent gyrations. The market spiked upward last week, then gave back a significant portion of those gains early this week. Thus, traders will probably covering recently established shorts today, thereby tending to give futures a modest upward bias. However, overnight talk that India will import only about 1.5 million bales this year, whereas over 2.0 million tonnes was expected, may weigh upon prices. May cotton rose 0.13 cents to 88.33 cents/pound in early Friday morning action, while December dropped 0.64 cents to 87.18.