CME update: lean hog futures rise on strong cash markets
US lean hog futures rose on 5 October on expectations that cash prices will remain firm.
6 October 2020
3 minute read
By: Reuters reports that CME October lean hogs settled up 0.250 cent at 74.750 cents per pound, while most-active December hogs rose 0.150 cent to 62.650 cents.
The CME's lean hog index, a two-day weighted average of cash markets, increased to $76.81 per cwt, its highest since August 2019 and up from $76.74 on Friday 2 October. The US pork cut-out, an indication of wholesale pork prices, was $2.85 higher at $95.00 per cwt.
Brian Hoops, president of commodity broker Midwest Market Solutions said, "we're looking at cash markets for direction this week.”
