CME update: lean hog futures continue to climb higher
US lean hog futures continued their upward trajectory on 9 April on tight supplies and strong domestic consumer demand.
12 April 2021
3 minute read
By: Reuters reports that CME June lean hogs added 0.25 cents to 108.95 cents per pound, after reaching a high of 109.550. Nearly all contract months found new life-of-contract highs.
For the week, the most-active hog contract gained 7.175 cents, adding 7% from the previous week, for a fifth consecutive week of gains.
The CME's lean hog index, a two-day weighted average of cash prices, climbed to $100.94 per hundredweight (cwt), its highest since 17 October 2014.
For the week, pork production hit 2.28 million head, down 5.2% from the week prior and 2.2% less than the same week a year ago.
