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CME update: hog futures rise on short-covering and spill-over strength from cattle market

US lean hog futures rose on 23 November, taking a cue from gains in the cattle market and wider Wall Street hopes for a COVID-19 vaccine.

24 November 2020, at 8:36am

Reuters reports that lean hog futures rose on 23 November on short-covering and spill-over strength from the cattle market.

"All of the above (suggest) optimism for the meat market," said Jason Roose, analyst and broker with Iowa-based US Commodities.

After Monday's close, the USDA reported 31 October stocks of frozen US pork bellies at 19.684 million pounds, down 21 percent from last month and down 57 percent from last year.

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