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CME lean hog futures fell limit-down on Friday as traders worried that seasonal supply growth would outpace demand. Weak cash markets and uncertainty over Chinese pork purchases amid the trade dispute weighed on prices.
Live cattle futures also fell, with the front-month contract down 7.6% for the week after the Tyson fire.
Uncertain Chinese import demand for pork, which is lifted by African swine fever losses, and seasonal supply growth point to lower hog prices, while cattle weakness reflects the packing outage.
agcanada.comAGCanadaAug 16, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Limit-down lean hog futures on Aug 16 were driven by worries that seasonal supply would outpace demand, weak cash markets and uncertain Chinese purchases, which directly explains the 5-day decline.
