CME update: lean hog futures inch up on firm cash prices

Lean hog futures firmed on 30 September, underpinned by strong cash prices.

1 October 2020, at 10:23am

Reuters reports that October lean hogs settled 0.425 cent higher at 72.800 cents per pound, while most-active December hogs jumped 1.125 cents to 63.100 cents.

The December hog contract is trading at a historically wide discount of more than 10 cents to the October contract, traders said.

Hog traders are waiting for the USDA to issue weekly US export sales data on Thursday 1 October.

They expect demand for US pork exports to rise because China, South Korea and Japan banned German pork in September after a fatal pig disease, African swine fever, was found in a wild boar in eastern Germany.

Germany's agriculture ministry on Wednesday 30 September confirmed two more cases of the disease in wild boars, with one found outside the area of the first discoveries.

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