CME update: lean hog futures rise, but correction could be on the horizon

US lean hog futures rose on 4 January, bucking wider Wall Street drop and trends seen in other markets.

5 January 2021, at 9:06am

Reuters reports that lean hog futures rose, bucking the weakness in cattle futures, with CME February lean hogs settling up 0.950 cent at 71.225 cents per pound.

Rising pork prices lent support. Wholesale ham prices have been particularly strong in recent days, reaching $72.83 per cwt on Thursday 31 December, up from $56.20 on 28 December, according to the US Department of Agriculture.

Monday's midday USDA pork cut-out data indicated a $25 per cwt jump in ham prices to $98.24, catching traders' attention. However, USDA's updated afternoon price data, released after the CME close, showed a drop of $4.40, to $68.43 per cwt, and the overall pork carcass price fell by 81 cents on the day.

Read more about this story here.