CME update: lean hog futures closed lower on oversupply worries

CME lean hog futures fell on 29 September on profit-taking after making strong advances for the month and on trader worries of ample US hog supplies.
calendar icon 30 September 2020
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CME October lean hog futures settled down 0.325 cent at 72.375 cents per pound while the most-active December contract tumbled 2.050 cents to end at 61.975 cents.

Traders noted that the December hog contract was trading at a historically wide discount of more than 10 cents to the October contract.

"That essentially tells you these guys think there is going to be a massive wall of hogs coming to the market," said Dan Norcini, an independent livestock trader.

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