CME update: hog futures rally on technical buying
US lean hog futures rose on 14 December, rebounding from weeks-long lows in recent trading.
15 December 2020
3 minute read
By: Reuters reports that CME lean hog futures notched their biggest daily gain since September on 14 December as part of a technical bounce from a three-week low they hit on 11 December. Traders say that the commodity rose 3.8 percent in a day.
"We hit the bottom end of the range so we are just bouncing back," said Don Roose, president of brokerage US Commodities.
Chicago Mercantile Exchange (CME) February lean hogs rose 2.45 cents to 65.675 cents per pound.
The contract found support at the low end of its 20-day Bollinger range before rallying above its 100-day moving average.
