CME update: lean hog futures rise slightly

Lean hog futures edged up on 6 July, taking advantage of bargain buying.
calendar icon 7 July 2020
clock icon 3 minute read

CME August lean hogs ended up 0.075 cent at 49.275 cents per pound, after setting a contract low of 47.525 cents last week. October hogs closed 0.700 cent higher at 49.050 cents per pound.

Pigs backed up on farms after slaughterhouses closed temporarily in April and May as meatpacking workers fell sick with the new coronavirus. Plants have since reopened and slaughterhouses are working through excess supplies of livestock.

The US Department of Agriculture, in newly released data, said US pork exports to China in May reached 108,869 tonnes, up from 34,427 tonnes a year earlier. It was the second highest month for US exports to China ever, after April 2020.

China suspended imports from two Brazilian pork plants owned by meatpackers JBS SA and BRF SA, according to the Chinese customs authority, as it cracks down on meat shipments amid concerns about the new coronavirus.

Read more about this story here.

© 2000 - 2024 - Global Ag Media. All Rights Reserved | No part of this site may be reproduced without permission.