CME update: lean hog futures fall as corn prices surge
US lean hog futures faltered on 14 January as prospects for increased input costs for farmers due to skyrocketing corn prices.
Speaking to Reuters about the trading day, Alan Brugler, president of Brugler Marketing & Management said that the drop was related to movement in the corn market.
“It is the rising feed costs,” he said.
Chicago Mercantile Exchange (CME) February lean hogs dropped 0.55 cent to 66.3 cents per pound.
Estimated pork packer margins dropped $1.10 to $36.20, according to livestock marketing advisory service HedgersEdge.com.
Pork export sales of 23,800 tonnes were up from 23,300 tonnes in the prior week, the USDA said.
CBOT March corn futures jumped 9-3/4 cents to $5.34-1/4 a bushel.
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