CME update: hog futures pushed slightly higher on light recovery bounce

US lean hog futures made modest gains on 29 June, bouncing back from early declines and firming on technical buying before the end of the month and quarter.
calendar icon 30 June 2020
clock icon 2 minute read

Reuters reports that the firming market comes after a three-session slide last week.

A stronger close in Wall Street’s equity markets bolstered optimism about the US economy and wider consumer demand for meat.

CME lean hog futures also closed modestly higher in a light bounce after Friday's percent plunge in the benchmark August contract.

CME July lean hogs settled up 0.100 cent at 45.375 cents per pound and August ended up 0.325 cent at 48.450 cents per pound.

Rallies were capped by plentiful hog supplies. The USDA's quarterly hog inventory report last week showed a record-large 1 June supply of hogs that was up 5.2 percent from a year earlier. Analysts, on average, had expected a 3.7 percent increase.

Speaking of the modest gains, Don Roose, president of Iowa-based US Commodities said, “there’s no shortage of meat.”

Read more about this story here.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.