CME update: hog futures inch up as market demand becomes more stable
US lean hog futures rose slightly on 17 August as traders weighed improved slaughter rates and consumer demand.
18 August 2020
2 minute read
By: Reuters reports that CME lean hog futures settled 0.500 cent higher at 53.525 cents per pound.
The USDA logged the estimated daily hog slaughter at 480,000 head, and increase of 5 percent over a week ago and slightly higher than the same period in 2019. According to Matthew Wiegand, risk management consultant at FuturesOne, the herd size will likely be reduced in the near term, supporting demand and making the market more stable.
"We’ve curbed expansion," he said. "If we can keep demand up, that moves cash prices of ready hogs."
