CME update: hog futures fall on profit-taking
US lean hog futures were mixed on 20 October, with hog contracts falling on a round of profit-taking.
21 October 2020
3 minute read
By: Reuters reports that the benchmark December lean hog contract was under pressure after hitting its highest since 13 September 2019.
CME December lean hogs fell 2.175 cents to 69.25 cents per pound, the biggest daily drop in three weeks.
Support was noted around the contract's 10-day moving average, a key technical point it has not traded below in two weeks.
Traders noted growing concerns that rising COVID-19 cases in the United States could keep people at home, slash restaurant and food service demand.
