CME update: hog futures continue to climb

US lean hog futures rose again on 23 July, marking a third straight session of gains.
calendar icon 24 July 2020
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Reuters reports that the increase in hog futures comes firming pork and cash hog prices.

August futures settled up 1.825 cents at 54.475 cents per pound while October futures added 0.950 cent to 51.025 cents per pound.

Explaining the rally to Reuters, Jeff French, an analyst at Top Third Ag Marketing, said, “The backlog of hogs, the heavy hogs – it's just old news. The market is digesting that. We're starting to see pork product values, as well as cash prices edge higher, but it's going to be an uphill battle.”

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