CME update: US hog futures close lower, taking a cue from weak beef exports

US lean hog futures fell on 27 November, but traders remain optimistic for 2021.
calendar icon 30 November 2020
clock icon 3 minute read

Weekly pork export sales fell to 18,800 tonnes, a 35 percent drop from a week prior and 47 percent below the previous four-week average.

Strength in spring hog contracts indicates optimism on consumer demand in 2021, according to Chuck Shelby, president of Risk Management Commodities.

"We've got some big-time premiums in May of 2021 and on out. I think this forward-looking market, trying to anticipate getting over COVID and getting the vaccine going and consumer demand comes back," said Shelby.

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