CME update: lean hog futures edge higher after limit down move
US lean hog futures firmed slightly on 13 April after falling their daily trading limit in the 12 April session.
14 April 2021
3 minute read
By: Reuters reports that traders feel the market had run out of steam after rallying to their highest since June 2014 last week.
"There no doubt remains questions about the belly’s staying power at these levels and what's expected to be a slowdown in retail featuring of that product," brokerage StoneX said in a note to clients.
Fresh bullish inputs were required to sustain prices at the elevated levels reached recently, traders said.
The benchmark June lean hogs contract rose 0.225 cent to 106.175 cents per lb.
The US Department of Agriculture reported the pork carcass cut-out value on Tuesday afternoon at $112.49, up $2.39 from Monday.
