CME update: lean hog futures gain ground on technical buying

US lean hog futures rose slightly on 15 December on follow-through buying stemming from a rally on Monday 14 December.

16 December 2020, at 7:10am

Reuters reports that Chicago Mercantile Exchange (CME) February lean hogs rose 0.775 cent to settle at 66.45 cents per pound.

The contract rose above its 100-day moving average but struggled to hold support above its 20-day, 30-day and 40-day moving averages.

China's pig and sow herds, ravaged by African swine fever over the past two years, recovered to more than 90 percent of normal levels by the end of November, the official news agency Xinhua said on Tuesday 15 December. Production capacity should fully recover by the first half of next year, said Xinhua, citing the Ministry of Agriculture and Rural Affairs.

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