CME update: hog futures slid as corn prices charge higher

US lean hog futures closed lower on 22 April amid pressure from fund-driven liquidation and soaring corn prices that push up feed costs.
calendar icon 23 April 2021
clock icon 3 minute read

Rising prices for corn, a key ingredient in hog feed, could spur operators to sell hogs more aggressively to meat packing houses to trim feed costs.

After the close, the USDA's monthly Cold Storage report showed US frozen pork belly stocks at 35.260 million pounds as of 31 March, down 55% from a year ago.

The USDA's weekly export sales report showed net sales reductions for pork totaling 22,100 tonnes in the week ended 15 April, including significant cancellations for Mexico that the USDA attributed to a reporting error dating from 2020. But pork shipments for the week totaled 43,900 tonnes, a marketing-year high.

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