CME update: lean hog futures firm after two days of losses
US lean hog futures rose on 29 December on short covering and technical buying, missing some pressure from the surrounding market.
30 December 2020
3 minute read
By: Reuters reports that the hog complex remained firm despite some uncertainty in the nature of the US COVID-19 stimulus package. Equities markets turned lower while investors awaited for US Senate action on the new law.
Corn futures also surged on 29 December, with the price of the feed grain jumping 2.1 percent. This has yet to weigh on hog contracts.
The pork carcass cut-out value edged up 51 cents on Tuesday to $72.36 per cwt, according to the US Department of Agriculture.
CME February lean hogs ended 0.700 cent higher at 67.200 cents per pound after holding technical chart support at its 20-, 50- and 100-day moving averages.
