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December lean hogs settled near their session low of $68.40 on September 29, a new low for the recent downtrend. Weak cutout values are pressuring cash prices, and funds have built a record short position.
Analyst commentary notes that weak pork demand is drawing consumers toward beef and chicken.
Persistent weakness in pork cutouts and cash hogs points to lower returns for hog producers and reduced appetite for hog feed. A short-covering rally is possible if the cutout recovers.
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.