CME update: lean hog futures reverse Monday’s rally
US lean hog futures closed lower on 14 July, retreating after Monday’s gains.
15 July 2020
2 minute read
By: Reuters reports that a see-saw pattern has persisted in July as traders try to balance large hog supplies with signs of improved domestic demand for pork. Traders are also mindful of growing export demand for pork.
"There is not a whole lot of fundamental support for the hog market, at least in the near term," says Altin Kalo, agricultural economist for Steiner Consulting.
CME August lean hog futures settled down 1.350 cents at 49.925 cents per pound.
The US pork cutout, an indication of wholesale prices, fell $1.28 on Tuesday afternoon, to $66.24 per cwt.
