CME update: lean hog futures retreat after reaching two-month high

CME lean hog futures sank on 11 August after reaching a two-month high on 10 August.
calendar icon 12 August 2020
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CME October lean hog futures settled 2.00 cents lower at 51.825 cents per pound.

Traders on Wednesday 12 August will review monthly USDA data for updates on meat supplies and demand and check data on crops used for livestock feed.

Supplies of US hogs remain too large after producers expanded their herds in recent years, analysts said. Farmers hope that China, the world's top pork consumer, further ramps up imports from the United States.

China is continuing to buy American goods, particularly commodities, under its Phase 1 trade deal with the United States, despite rising tensions, top White House economic adviser Larry Kudlow said.

China's WH Group, owner of Smithfield Foods, said it expects US pork exports to China to fall in the second half, as the pandemic hit volumes handled at US processing plants and pushed up prices.

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