CME update: lean hog futures hit highest point since May 2019

US lean hog futures rose their daily limit on 24 February, hitting their highest in nearly two years on tight frozen stocks and expectations of strong Chinese demand.

25 February 2021, at 8:45am

Reuters reports that the USDA cold storage report issued on 23 February fuelled buying on Wednesday.

"Belly and trim stocks are at four-year lows, providing support for lean hog futures, along with more reports of hog losses due to disease in China raising hopes for export business," StoneX chief commodities economist Arlan Suderman said in a research note to clients.

Chicago Mercantile Exchange April lean hog futures rose 3 cents to 89.425 cents per pound. The front-month contract hit its highest since 24 May 2019.

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