CME update: lean hog futures decline as supply and demand mismatch lingers

US lean hog futures declined on 29 July, facing pressure from large hog supplies and trader worries about export demand for US pork.
calendar icon 30 July 2020
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Reuters reports that the export demand issues are stemming from China, the world’s biggest pork consumer.

Amid this uncertainty, Argentina is nearing an initial agreement with China that could pave the way for potential investments by the Asian giant in local pork production for export.

"The real (US pork) export buying has been from China, and the US-China tensions are high," said Don Roose, president of Iowa-based US Commodities.

The benchmark CME October lean hog contract settled down 0.900 cent at 49.825 cents per pound.

Traders await the USDA's weekly export sales report due Thursday 30 July, which will cover sales of US grains, pork and beef for the week ended 23 July.

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