CME update: lean hog futures dip on technical selling and lackluster export report

US lean hog futures fell on 13 May, following broad declines in grain and livestock markets and weak export purchases.

14 May 2021, at 7:59am

Reuters reports that CME June hog futures settled down 1.925 cents at 110.100 cents per pound.

The USDA reported US pork sales in the week to 6 May at 14,745 tonnes, a three-week low. China booked 3,048 tonnes and shipped 12,344 tonnes.

"It seems it was a risk-off day all across the board ... It was more of a technical move and just money flow, taking some risk off the table," said Altin Kalo, economist at Steiner Consulting Group.

"We are two weeks before Memorial Day, and [meat] in the market is extremely tight. Some of these price levels are not sustainable in the long term. But in the short term, (retailers) cannot afford to go without, going into the biggest [meat] consumption holiday of the year," Kalo said.

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