CME update: hog futures close lower as pork prices fall
US lean hog futures fell on 30 July, pressured by softening cash hog values and falling prices for pork products and hams.
31 July 2020
3 minute read
By: Reuters reports that the USDA logged wholesale ham prices on 30 July at $55.11 per cwt, a drop from $68.62 on 27 July.
"If there was one item that was strong, it was hams for July. But that ... seems to have hit a wall," said Altin Kalo, an economist with Steiner Consulting.
CME October lean hog futures settled down 1.500 cents at 48.325 cents per pound.
Traders shrugged off strong weekly pork export data. The USDA reported export sales of 2020 US pork in the week to 23 July at 39,600 tonnes, up 12 percent from the prior four-week average. Sales to top global buyer China totalled 17,800 tonnes and pork shipments to China totalled 10,200 tonnes.
