CME update: US hog futures rise as pork supplies contract
CME lean hog futures rose to their highest level in nearly three months on 25 August as pork supplies throughout the country shrank.
26 August 2020
2 minute read
By: Reuters reports that USDA data shows that the reopening of pork plants after a spate of COVID-19-related shutdowns had not boosted nationwide pork supplies.
CME October lean hogs rose 1.35 cents to close at 55.95 cents per pound. The front-month contract peaked at 56.175 cents per pound, its highest since 29 May.
USDA data shows that supplies of frozen pork fell in July to their lowest level for any month in nine years despite meat plants coming back online.
Daily hog slaughter reached 484,000 head on Tuesday 25 August, matching the highest level since 2 April.
