CME update: lean hog futures fall along with other US commodities
US cattle and hog futures markets plunged lower on 21 September after a broad-based commodity sell-off.
22 September 2020
2 minute read
By: According to Reuters, traders reported that the sell-off was due to the absence of fresh bullish news.
"It is just kind of risk-off trade," said Matthew Wiegand, broker at FuturesOne. "Livestock was for the most part happy to follow along."
CME October lean hog futures settled down 0.9 cent at 65.6 cents per pound and most-active December hogs ended down 1.975 cents at 61.55 cents a pound.
Traders were closely monitoring an outbreak of African swine fever in Germany. A further seven cases of African swine fever were confirmed in wild boar in the eastern German state of Brandenburg, bringing the total confirmed cases to 20 since the first one on 10 September.
A massive outbreak in China, the world's biggest pork producer, has led to hundreds of millions of pigs being culled.
