CME update: lean hog futures rise as supplies reach nine-year low
US lean hog futures rose on 24 August as slaughter rates continue to stabilise.
25 August 2020
2 minute read
By: Reuters reports that CME October lean hog futures rose 0.35 cent to close at 54.6 cents per pound. USDA data indicates that the country’s frozen pork inventories fell in July to the lowest level for any month in nine years.
This trend held despite many meat packing plants that had idled production due to outbreaks of COVID-19 among workers came back online.
Daily hog slaughter reached 480,000 head on Monday 24 August.
