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CME update: lean hog futures bolstered by export optimism

US lean hog futures climbed on 22 September as traders felt optimistic about China’s continued purchases of US grains.

23 September 2020, at 10:11am

Reuters reports that USDA data shows exporters selling 266,000 tonnes of US soybeans to China and 264,000 tonnes to other unknown destinations. The data, released on 22 September, marks the thirteenth consecutive business day of sales to China.

"As long as you’re seeing China hanging around and popping up daily, the thinking is, it’s only a matter of time before they pick up more of the pork purchases," said Dax Wedemeyer, analyst at US Commodities.

CME October lean hog futures settled 2.725 cents higher to end at 68.325 cents per pound and most-active December hogs ended up 2.550 cents at 64.100 cents a pound.

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