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CME lean hog futures fell to a one-week low on Nov. 5 as profit-taking followed a rally of roughly 38% from mid-July to early November.
Pork belly values also weakened, and the USDA pork carcass cutout dropped $2.58 to $101.43 per cwt. Analysts said the market may be nearing a top.
Profit-taking after a sharp rally and weaker cutout values point to lower hog prices in the near term, which eases pressure on hog-feed margins. Traders are also watching the peso, since a stronger peso could support US ham exports.
livemint.comReutersNov 5, 2024Not 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.
