CME update: lean hog futures close higher, bolstered by strength in cattle markets
CME lean hog futures rose modestly on Tuesday 8 September, following signals in the cattle markets.
9 September 2020
3 minute read
By: Reuters reports that though futures rose on 8 September, the market looks technically overbought after strong advances over last week and during the month of August.
CME October lean hogs settled up 0.075 cent Tuesday at 59.900 cents per pound but stayed below Friday 4 September’s four-month high of 60.950 cents.
Chinese demand for pork continues to underpin the market, although Don Roose, president of Iowa-based US Commodities, said traders were closely monitoring export data to gauge how quickly China can rebuild its hog herd after African swine fever killed millions of pigs in the country in 2018 and 2019.
