CME update: hog futures rise on strong cash market demand
CME lean hog futures rose on 7 August on positive signs in the cash market after prices previously stagnated.
10 August 2020
2 minute read
By: In a note to clients, StoneX chief commodities economist Alran Suderman wrote, “…recent price weakness uncovered fresh demand, triggering buying on the board this morning that tripped buy stops, accelerating gains.”
Reuters reports that CME October lean hog futures settled 1.775 cents higher at 50.975 cents per pound. Front-month August gained 1.25 cents to 51 cents per pound.
The contract rallied through its 20-day, 30-day, 40-day and 50-day moving averages before hitting resistance at the high end of its 20-day Bollinger range.
