CME update: US lean hog futures set new contract highs as demand surges
Strong meat demand pushed US lean hog futures to new contract highs on 5 April.
6 April 2021
3 minute read
By: Reuters reports that rising demand for meat at restaurants helped support cattle and hog futures, analysts said, as expanding COVID-19 vaccinations encourage some consumers to eat more meals away from home.
The hog market has also benefited from solid export demand for US pork, particularly from China, analysts said.
China's agriculture ministry on Monday reported the Xinjiang region suffered the country's latest outbreak of the deadly swine disease African swine fever, which has raised the need for meat imports.
In the United States, the number of hogs slaughtered by meatpackers on 5 April dropped to 331,000 from 483,000 hogs a week ago and 475,000 hogs a year ago, according to the USDA.
