CME update: hog futures drop as supplies are assessed
CME lean hog futures fell on 26 August after hitting a nearly three-month high.
27 August 2020
2 minute read
By: Reuters reports that lean hog futures suffered from profit taking after hitting their highest level in almost three months.
According to Don Roose of US Commodities in West Des Moines, Iowa, “the market is overbought”.
CME October lean hogs fell 0.4 cent to close at 55.55 cents per pound.
The USDA said that daily hog slaughter fell by 2,000 to 482,000 head on Wednesday 26 August.
