CME update: lean hog futures rose despite pressure from wholesale pork prices
CME lean hog futures closed higher on 16 July on fund-driven buying and expectations of firming cash hog markets.
17 July 2020
2 minute read
By: Reuters reports that traders tended to shrug off pressure coming from softer wholesale pork prices.
"Fund buying is becoming more robust in the meat pits today on ideas that we may have put the coronavirus lows behind us," StoneX chief commodities economist Arlan Suderman wrote in a client note.
CME August lean hog futures settled up 3.500 cents at 53.650 cents per pound and October ended up 2.400 cents at 51.825 cents.
The USDA reported export sales of US pork in the week to 9 July at 38,500 tonnes, up 16 percent from the prior four-week average. Top global pork consumer China booked 8,000 tonnes and shipped 12,300 tonnes.
