Rally of Hogs, Retreat of Gold, Silver & Rubber
Hog futures rose today, but the increasing food prices prevented the US farmers from expanding their herds, potentially resulting in lack of supplies of pork. The farmers kept for breeding about 5.745 million sows, that’s 0.3 percent less compared to 5.76 million a year ago. June futures for hogs delivery gained $0.01525 (1.5 percent) to $1.027 per pound by 9:50 on CME.
Gold retreated from the record high on the speculation that the precious metal rallied too high, too fast. Silver also declined. A stronger dollar also contributed to the drop of the metals. April futures for gold delivery subtracted $8.70 (0.6 percent) to $1,426.20 as of 13:44 on COMEX, following the jump to the
Rubber dropped as China’s tightening measures caused the speculation that demand will wane. China’s central bank has raised the interest rates three times since October in an attempt to slow the rapidly accelerating inflation. September contract for delivery of natural rubber went down 0.9 percent to 35,560 yuan ($5,422) per ton in Shanghai.
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