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CME update: lean hogs strengthen further on strong consumer demand and firm exports

US lean hog futures rose higher on 8 April as tight domestic supplies and strong export demand offered support.

9 April 2021, at 9:34am

Reuters reports that CME June lean hogs settled 0.80 cents higher at 108.700 cents per pound, after reaching a high of 108.775. Nearly all contract months found new life-of-contract highs.

“A lot of that has to do with COVID and the pent-up demand we have, with more things opening up,” said Joe Kooima, commodity broker at Kooima Kooima Varilek Trading.

The CME’s lean hog index, a two-day weighted average of cash prices, climbed to $100.47 per hundredweight (cwt), its highest since Oct. 17, 2014.

Pork exports were noted at 33,400 tonnes the week ending 1 April, down 45% from the week prior and 22% compared to the previous four-week average, according to the US Department of Agriculture.

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