CME update: lean hog futures closed higher ahead of the Thanksgiving holiday

US lean hog futures rose on 25 November as packer margins become stronger.

26 November 2020, at 9:03am

Reuters reports that CME lean hog futures closed higher. The benchmark February contract settled up 0.925 cent at 67.675 cents per pound after encountering chart resistance near its 50-day moving average of 67.725 cents.

Traders await the USDA's weekly export sales report, which is delayed until Friday due to Thursday's holiday, to gauge demand for US pork from China, the world's biggest pork consumer.

Trade in CME livestock futures will be closed on Thursday, with markets resuming for a shortened session on Friday 27 November.

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