CME update: lean hog futures drop ahead of USDA report
US lean hog futures fell on 19 June as pig producers continue to struggle with massive supple bottlenecks despite slaughterhouses reopening.
22 June 2020
2 minute read
By: Reuters reports that CME July lean hog futures fell 1.45 cents to 48.45 cents per pound. August futures settled down 0.675 cent at 52.8 cents.
USDA said in a weekly export sales report that China bought 9,991 tonnes of US pork in the week ended 11 June, the biggest weekly total since 30 April.
Data indicates that though the US slaughter pace is returning to near normal levels, producers are struggling to place backlogged hogs at slaughterhouses. This has put sustained pressure on livestock futures markets.
