CME update: lean hog futures end lower, reversing two days of positive trading
US lean hog futures closed lower on 21 August, correcting after two days of positive movement.
24 August 2020
2 minute read
By: According to reporting in Reuters, the dip can be attributed to optimism over rising hog slaughter rates strengthening futures markets.
Traders logged gains of 2.3 percent last week as hog slaughter rates increased to pre-pandemic levels.
CME October lean hogs fell 0.925 cents to close at 54.250 cents per pound.
"These hogs were probably priced way too cheaply and needed some recovery," said Brian Hoops, senior market analyst at Midwest Market Solutions.
Daily hog slaughter reached 476,000 head, making the weekly total estimated slaughter 2.618 million head.
