CME update: lean hog futures slide as production improves
US lean hog futures are facing pressure from improved production figures.
15 June 2020
2 minute read
By: Reuters reports that CME July lean hog futures, the most actively traded contract, slid 0.450 cent to 51.675 cents per pound. August futures dropped 0.225 cent to 54.650 cents.
Hog prices have come under pressure from improving production, although some traders said the market looks oversold and due for a rebound.
Pork output has improved as slaughterhouses have resumed operations after closing temporarily in April and May due to outbreaks of COVID-19 among plant workers.
The USDA reports that US slaughter capability has reached 95 percent capacity after slowdowns this spring.
