CME update: hog futures climb higher on strengthening demand
US lean hog futures rose on 26 April as traders anticipate strong demand and tight supplies heading into the summer.
27 April 2021
3 minute read
By: Reuters reports that CME June lean hogs gained 1.125 cents to 106.850 cents per pound.
The CME's lean hog index, a two-day weighted average of cash prices, climbed to $106.51 per cwt, its highest since October 2014.
Speaking to Reuters about the restricted supplies and strengthening demand, Alan Brugler, president of Brugler Marketing said:
"You’re drawing down against current production, you don’t have any cushion in the cold storage and we’re going to get into the time period when we don’t have as large of a slaughter.”
