CME update: lean hog futures close mostly higher, but slaughter pressure continues
US lean hog futures closed higher on 4 June, but the backup of hogs ready for slaughter put pressure on nearby contracts.
5 June 2020
2 minute read
By: Reuters reports that CME June lean hogs ended down 0.225 cent at 48.425 cents per pound while most-active July futures settled up 0.100 cent at 53.575 cents.
The US Department of Agriculture reported export sales of US pork in the week ended 28 May at 17,300 tonnes, including 3,400 tonnes sold to top global buyer China.
"The market is kind of disappointed with that," Doug Houghton, analyst for Brock Capital Management said. US pork sales to China slowed in May after record sales in the first quarter of the year.
